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 - 102.00

USD/JPY continues to fall inside the intermediate impulse wave (3) - which started earlier – when the pair reversed down from the resistance zone lying between the resistance level 108.00 (previous buy target), 38.2% Fibonacci correction of the previous downward impulse from January and the resistance trendline of the daily down channel from the start of this year.

The downward reversal from the aforementioned resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing. USD/JPY is expected to continue to fall toward the next sell target at the support level 102.00.

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