Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/JPY: sell target - 107.00

By: Dmitriy Chernovolov

  • USD/JPY reached sell target 109.00
  • Next sell target - 107.00

USD/JPY continues to fall sharply – following the earlier breakout of the support level 109.00 (which was set in our previous forecast as the sell target for this currency pair). The breakout of the support level 109.00 follows the earlier breakout of the lower support trendline of the daily down channel from last December – which was preceded by the breakout of the major support level 111.00, as can be seen from the daily USD/JPY chart below.

USD/JPY is likely to fall further in the active minor impulse wave 3 toward the next sell target at the support level 107.00 (target price calculated for the termination of impulse wave 3).

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