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 – 133.10 and 131.50

By: Dima Chernovolov

  • EUR/JPY reversed from resistance zone
  • Next sell targets – 133.10 and 131.50

EUR/JPY recently reversed down from the strong resistance zone lying between the resistance levels 137.50 and 136.00 (this resistance zone also earlier reversed the previous corrective waves 4 and (2) in January and February respectively). The latest downward reversal for this resistance area completed the preceding sharp primary ABC correction ② from the middle of April.

The active impulse wave 1 yesterday broke the sharp support trendline from the start of the aforementioned ABC correction. The breakout of this support trendline should add to the bearish pressure on EUR/JPY in the coming trading sessions. EUR/JPY is likely to fall to the next sell targets 133.10 and 131.50.

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