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 - 124.00

By: Dmitriy Chernovolov

  • EUR/JPY reversed from resistance zone
  • Next sell target - 124.00

EUR/JPY recently reversed down sharply from the resistance zone lying at the intersection of the following resistance levels: the resistance level 126.00 (former support which stopped the previous impulse wave (i) in February), the 38.2% Fibonacci correction of the previous sharp downward impulse from the end of January and the former support trendline of the recently broken daily down channel from June (acting as resistance after it was broken).

EUR/JPY is likely to fall further in the active impulse waves 3 and (3) toward the next sell target at the support level 124.00.

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