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 - 134.00

By: Dmitriy Chernovolov

  • EUR/JPY falling inside impulse waves (iii), 3 and (3)
  • Next sell target - 134.00

EUR/JPY continues to fall inside the minor impulse waves (iii) and 3 - which belong to the extended intermediate downward impulse wave (3) from the start of June (as you can see below). The active impulse wave (iii) started earlier this month – when the pair reversed down from the resistance zone lying between the resistance level 134.00, upper daily Bollinger Band and the 61.8% Fibonacci retracement of earlier downward price impulse from October.

EUR/JPY is likely to fall further in the active impulse waves (iii), 3 and (3) toward the next sell target at the support level 134.00.

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