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 broke support levels 109.00 and 107.70

By: Dmitriy Chernovolov

  • USD/JPY broke support levels 109.00 and 107.70
  • Next sell target - 106.00

USD/JPY recently broke through the support level 109.00, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse wave 5 (which belongs to the intermediate (C)-wave from last November) – which today broke through the next strong support level 107.70 (which stopped the previous minor impulse wave (i) at the start of April, as can be seen below).

USD/JPY is expected to fall further in the accelerated impulse waves 5 and (C) toward the next sell target at the support level 106.00. Sell stop-loss can be placed above the recently broke price level 107.70.

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