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 rising inside minor C-wave

  • USD/JPY rising inside minor C-wave
  • Next buy target - 108.00

USD/JPY continues to rise inside the minor C-wave, which belongs to the intermediate ABC correction (2) from the end of June. The active C-wave earlier broke through the resistance levels 103.25 (top of the previous A-wave) and 105.500 (former major support from May, which stopped the previous impulse wave ①, acting as resistance after it was broken recently). The breakout of these resistance levels intensified the bullish pressure on this currency pair.

USD/JPY is likely to rise further to the next buy target at the resistance level 108.00 (target price for the completion of the active ABC correction (2), intersecting with the resistance trendline of the daily down channel from January).


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