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 from the pivotal support level 132.00 (which previously reversed wave (i) in September and which has been repeatedly reversing the price from the end of October, as you can see below). The upward reversal from this support zone stopped the active impulse wave (iii) – which is a part of the C-wave of the intermediate ABC correction (2) from the start of June.

Given the strength of the support level 132.00 and the fact that the daily Stochastic indicator 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.

Scroll to top