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 reversed from resistance zone

By: Dmitriy Chernovolov

  • USD/JPY reversed from resistance zone
  • Next sell target - 109.00

USD/JPY recently reversed down from the resistance zone lying between the pivotal resistance level 111.40 (former strong support level which reversed the price in February and March) and the 61.8% Fibonacci correction of the previous sharp minor impulse wave (i) from the end of March. The downward reversal from this resistance zone stopped the previous minor ABC correction (ii) which belongs to impulse 5 of the intermediate (C)-wave from last November.

USD/JPY is likely to fall further to the next sell target at the support level 109.00. Sell stop-loss can be placed above the aforementioned resistance level 111.40.

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