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

  • USD/JPY reversed from resistance zone
  • Next sell target - 100.00

USD/JPY recently reversed down from the resistance zone lying between the resistance level 103.30 (former support level which stopped the previous intermediate impulse wave (1) in June, as can be seen below) and the 50% Fibonacci correction of the earlier minor impulse wave 1 from the end of wave (2). The downward reversal form this resistance zone accelerated the active intermediate impulse wave (3), which belongs to the primary impulse wave ③ from May.

USD/JPY is likely to fall further to the next sell target at the round support level 100.00 – the breakout of which can lead to further losses toward 99.00 (low of the previous impulse wave 1).

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