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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.

EUR/JPY: sell target - 126.90

• EUR/JPY completed intermediate correction (2)

• Next sell target - 126.90

 

EUR/JPY recently reversed down after the pair failed to break above the resistance area lying between the resistance level 130.40 (former strong support level which reversed the sharp primary downward impulse ① in January), the 50% Fibonacci Correction of the previous sharp intermediate impulse (1) and the resistance trendline of the daily down channel from December. The downward reversal from this resistance area completed the preceding intermediate correction (2) and started the active intimidate impulse (3).

 

EUR/JPY is likely to fall further inside the active impulse (3) toward the next sell target at the strong support level 126.90 – which stopped the previous impulse (1). Sell stop-loss can be placed at the distance of one daily ATR (average true range) above the resistance level 130.40.

JPY
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