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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 target – 141.00

By: Dima Chernovolov

  • EUR/JPY reached buy target 140.00
  • Next buy target – 141.00

EUR/JPY recently corrected down – after the pair reached the resistance level 140.00, which was set as the buy target in our previous forecast for this currency pair. The subsequent downward correction recently stopped in the support zone lying at the intersection of the support level 138.00 and the 38.2% Fibonacci Correction of the previous intermediate (C)-wave from May.

EUR/JPY is likely to rise further to test the next resistance level 141.00 (which stopped the previous primary ABC correction ② at the start of this month).

 

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