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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 falling inside intermediate corrective wave (2)

 

  • EUR/JPY falling inside intermediate corrective wave (2)
  • Next sell target - 112.20

EUR/JPY continues to fall inside the second intermediate corrective wave (2) – which started earlier - when the pair reversed down from the resistance zone lying between the resistance level 118.00, 50% Fibonacci correction of the previous sharp downward impulse from April and the former support trendline of the wide weekly down channel from 2015 (acting as resistance now after it was broken in June).

EUR/JPY is expected to fall further to the next sell target at the support level 112.20 (target price calculated for the completion of the active intermediate corrective wave (2)).

 

 

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