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 - 126.00

By: Dmitriy Chernovolov

  • EUR/JPY reversed from resistance level 128.00
  • Next sell target - 126.00

EUR/JPY recently reversed down sharply from the resistance level 128.00 (former support level and the sell target set in our previous forecast for this currency pair, acting as resistance now – after it was broken by the previous sharp minor impulse wave (i)). The downward reversal from this resistance level completed the latest minor correction (ii) – starting the active impulse wave (iii), which belongs to the longer-term downward impulse waves 3 and (3), as can be seen below.

EUR/JPY is likely to fall to the next sell target at the support level 126.00 (which stopped the previous impulse wave (i) earlier this month).

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