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 target – 140.00

By: Dima Chernovolov

  • EUR/JPY broke resistance zone
  • Next buy target – 140.00

EUR/JPY continues to rise after recently breaking through the resistance zone lying between the resistance levels 136.00 and 137.20. This resistance zone was further strengthened by the resistance trendline of the wide daily down channel from December. The breakout of this resistance zone is likely to accelerate the active intermediate (C)-wave from last month (which is a part of the primary ABC correction ②from April, as can be seen below).


EUR/JPY is likely to rise further inside the active impulse wave 1 of the larger (C)-wave toward the next buy target at the resistance level 140.00.


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