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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 targets - 125.00 and 124.00

  • EUR/JPY reached sell target 126.90
  • Next sell targets - 125.00 and 124.00

 

EUR/JPY today broke below the support level 126.90 (low of the earlier impulse (1)) – which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level continues the active minor impulse wave 3, which started earlier this month – when EUR/JPY reversed down from the strong resistance zone surrounding the resistance level 130.400 (which has been reversing the price from last month, as you can see from the daily EUR/JPY chart below).

 

EUR/JPY will most likely continue to fall in the active minor impulse wave 3 in the direction of the next sell targets - 125.00 and 124.00. Sell stop-loss can be placed at the distance of half daily ATR above the resistance level 126.900.

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