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 - 134.00

By: Dmitriy Chernovolov

  • EUR/JPY reversed from pivotal support level 132.00
  • Next buy target - 134.00

EUR/JPY recently reversed up sharply from the pivotal support level 132.00 (which also previously stopped the sharp minor impulse wave (i) at the start of September, as you can see below). The upward reversal from this support level created the strong daily Japanese candlestick reversal pattern Bullish Engulfing – stopping the previous minor impulse wave (iii) – which belongs to the C-wave of the intermediate ABC correction (2) from the start of June.

Given the fact that the daily Stochastic is still moving in the oversold territory - EUR/JPY can be expected to rise further from the current levels toward the next buy target at the resistance level 134.00.

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