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 approaching resistance level 111.40

  • USD/JPY approaching resistance level 111.40
  • Next buy target - 114.00

USD/JPY continues to rise – following the earlier breakout of the resistance level 110.00, which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 110.00 is likely to accelerate the active minor ABC correction 2, which started earlier - when the pair reversed up from the major support level 105.00 (as can be seen from the daily USD/JPY chart below).

The price is currently approaching the pivotal resistance level 111.40 (former strong support from February and March, which reversed earlier wave (4)), If the pair breaks above 111.40 - USD/JPY can then rise to the next buy target at the next resistance level 114.00.


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