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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 pivotal support level 105.80

  • USD/JPY broke pivotal support level 105.80
  • Next sell target - 102.40

USD/JPY continues to fall inside the minor impulse wave 3, which is a part of the intermediate downward impulse wave (3) from the end of May. The price earlier broke through the pivotal support level 105.80 (which stopped the previous intermediate impulse wave (1) at the start of May). The breakout of the support level 105.80 greatly intensified the bearish pressure on this currency pair.

USD/JPY is likely to fall further to the next sell target at the support level 102.40 (target price calculated for the completion of the active minor impulse wave 3). Sell stop-loss can be placed above the recently broken price level 105.80.

 

JPY
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