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 - 128.00

By: Dmitriy Chernovolov

  • EUR/JPY falling inside impulse waves (iii), 3 and (3)
  • Next sell target - 128.00

EUR/JPY has been falling in the last few trading sessions inside the third minor impulse wave (iii), which started earlier, when the pair reversed down from the resistance zone lying between the resistance level 132.00, the upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous sharp downward impulse from the start of January, as can be seen below.

Having recently broken the round support level 130.00, the pair is expected to fall further in the active impulse waves (iii), 3 and (3) toward the next sell target at the support level 128.00.

Scroll to top