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 reversed from resistance level 132.00
  • Next sell target - 130.00

EUR/JPY continues to fall after the recent sharp downward reversal from the pivotal resistance level 132.00 (former strong support level which has been reversing the price from the start of September, acting as resistance now after it was broken recently). The downward reversal from the resistance level 132.00 is likely to strengthen the bearish pressure on this currency pair in the coming trading sessions.

EUR/JPY is likely to fall further in the active impulse wave (iii) (which belongs to the C-wave of the intermediate ABC correction (2) from the start of June) toward the next sell target at the round support level 130.00.

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