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 broke pivotal support level 122.00

  • EUR/JPY broke pivotal support level 122.00
  • Next sell target - 118.00

EUR/JPY continues to fall – after the earlier sharp breakout of the pivotal support level 122.00 (which has been repeatedly reversing this currency pair from the end of February, as can be seen from the daily EUR/JPY chart below). The price earlier corrected up to test this price level, acting as resistance now after it was broken – after which EUR/JPY reversed down sharply and continues to decline at the time of the writing.

EUR/JPY is likely to fall further to the next sell target at the support level 118.00 (forecast price calculated for the termination of the active intermediate impulse wave (3)).

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