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 - 138.00

By: Dmitriy Chernovolov

  • EUR/JPY reversed from support zone
  • Next buy target - 138.00

EUR/JPY recently reversed up from the combined support zone lying between the support level 135.40 (which stopped the previous B-wave, as you can see from the daily EUR/JPY chart below), the former resistance trendline of the recently broken daily Triangle (acting as support now after it was broken by the previous C-wave) and the 61.8% Fibonacci Correction of the previous intermediate ABC correction (2).

Given the strength of the aforementioned support zone - EUR/JPY can be expected to correct further up to the next buy target at the resistance level 138.00.

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