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 targets - 125.00 and 124.00

By: Dmitriy Chernovolov

  • EUR/JPY reversed from resistance zone
  • Next sell targets - 125.00 and 124.00

EUR/JPY today reversed down from the resistance zone lying at the intersection of the resistance level 127.00 (former strong support level which reversed the previous impulse waves (3) and (iii) in January, as can be seen below) and the 50% Fibonacci retracement of the previous sharp downward impulse from the end of January. The downward reversal from this resistance zone completed the previous minor ABC correction (iv).

EUR/JPY is likely to fall further in the active minor impulse wave (v) toward the next sell target at the support level 125.00, the breakout of which can lead to further losses toward 124.00.

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