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: Dmitriy Chernovolov

  • EUR/JPY reversed from support zone
  • Next buy targets - 136.00 and 138.00

EUR/JPY today reversed up from the support zone lying at the intersection of the multiple support levels: the support level 133.40 (low of wave 4), the lower daily Bollinger Band, 50% Fibonacci Correction of the previous upward impulse wave (1) and the former resistance trendline of the recently broken down channel from January (acting as support now after it was broken last month).

 EUR/JPY is likely to rise further toward the next buy target 136.00 – the breakout of which should lead to further gains toward 138.00. Strong support remains at 133.40.

Scroll to top