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 target - 130.00

By: Dmitriy Chernovolov

  • EUR/JPY broke pivotal support level 133.50
  • Next sell target - 130.00

EUR/JPY continues to fall after the recent breakout of the pivotal support level 133.50 which reversed earlier waves 4, (B) and (1), as you can see from the daily EUR/JPY chart below). The breakout of this support level was preceded by the breakout of the support trendline of the daily Triangle from April. These two successive support breakouts accelerated the active impulse waves 3 and (3).

EUR/JPY is likely to fall further inside the active accelerated impulse waves 3 and (3) (which are a part of the primary impulse ③ from June) toward the next sell target at the round support level 130.00.

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