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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: buy targets – 136.00 and 138.00

By: Dima Chernovolov

  • EUR/JPY reversed from support level 133.50
  • Next buy targets– 136.00 and 138.00 

EUR/JPY has been rising sharply in the last few weeks – inside the intermediate ABC correction (2), which started in the middle of April, when the pair failed to break through the strong support level 126.90 (as you can see below). The price earlier reversed down from the resistance level 136.00. The downward correction from 136.00 stopped at the support level 133.50 (which also recently stopped the previous B-wave) standing close to 50% Fibonacci Correction of the previous impulse wave from April.

EUR/JPY is likely to rise further toward the next buy targets 136.00 and 138.00. Buy stop-loss can be placed below the support level 133.50.

 

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