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: buy target - 127.30

By: Dmitriy Chernovolov

  • EUR/JPY rising inside minor corrective wave 2
  • Next buy target - 127.30

EUR/JPY continues to rise inside the minor corrective wave 2 – which started earlier – when the price reversed up from the support zone lying between the support level 125.00 and the 50% Fibonacci correction of the previous sharp ABC correction (4) from the end of February. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer Doji – which started the active minor corrective wave 2.

EUR/JPY is likely to rise further in the active minor correction 2 toward the next buy target at the resistance level 127.30 (which stopped the previous intermediate correction (4)). Strong support remains at 125.00.

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