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 reached sell target 102.00

  • USD/JPY reached sell target 102.00
  • Next sell target – 100.00

USD/JPY continues to decline – following the earlier breakout of the support level 102.00, which was set in our earlier forecast as the likely downward target for this currency pair. The breakout of this support level is likely to accelerate the active indeterminate impulse wave (3), which is a part of the primary downward impulse ③ from the end of May.

USD/JPY is likely to continue to fall in the direction of the next sell target at the major round support level 100.00 (which reversed the previous wave B and (1)). Expect the pair to correct up after reaching the support level 100.00.


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