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  #21  
Old 29-06-2015, 22:04
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
On Saturday, Greece had called a referendum on whether to accept the latest terms set by creditors, which caused a huge volatility in early trade on Monday. A break below important support at 133.07 will be bearish for EUR/JPY. It will indicate that a rally from a low of 126.05 has been only in three waves and thereby is a corrective one. If a breakout below 133.07 takes place, a new decline to 126.05 and lower is expected.
Amid that, stay cautiously bullish as long as important support at 133.07 protects the downside, but a breakout back above 139.17 will be needed to confirm the bullish outlook.

Trading recommendation:
With an extreme volatility seen here, the best is to stay neutral and let things come down before entering a new position. So, we will stay neutral for now.




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  #22  
Old 01-07-2015, 18:11
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We still prefer a break above minor resistance at 138.68 to continue moving higher to 141.06 with a target at 144.03. As long as minor resistance at 138.68 is able to protect the upside, we do accept the risk of a breakout below important support at 133.07, which would change the bullish picture to a bearish one. A breakout below 133.07 will leave us with a three wave rally of a low at 126.05 and indicate that it has been only a corrective rally. So, a new decline towards 126.05 should be seen.

Trading recommendation:
We will buy on a breakout above 138.68.




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  #23  
Old 03-07-2015, 16:25
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We are going nowhere at the moment, which is clearly showing the ongoing fight between bulls and bears. We continue to be cautious bulls as long as support at 135.85 and more importantly as long as support at 133.07 protects the downside. That said we need a breakout above 138.68 to add renewed upside pressure towards 141.06 on the way higher to 144.03.
An unexpected breakout below support at 133.07 will indicate that the rally from 126.05 was only corrective and a new test of this low should be seen on the way lower to 119.90.

Trading recommendation:
We will buy break above 137.45 with stop placed at 135.75.




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  #24  
Old 07-07-2015, 20:27
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
There is no change in our view. Trading has been trapped in a very narrow range since yesterday as insecurity about EUR prevails. We continue to look for a breakout above minor resistance at 136.85 indicating renewed upside pressure for a test of 141.06 on the way towards 144.03.
Only an unexpected break below important support at 133.07 will indicate that the rally from 126.05 has been no mer than a correction and this support should be tested again.

Trading recommendation:
We will buy EUR only upon a break above 136.85.




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  #25  
Old 09-07-2015, 19:21
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
Important support at 133.07 is still holding firm keeping us cautiously bullish for a breakout above minor resistance at 134.57 and more important above resistance at 135.43 calling for a continuation to 138.14 and above.
Only a breakout below important support at 133.07 could indicate a corrective nature of the rally from 126.05 and call for a new test of this low.

Trading recommendation:
We will buy EUR here at 134.07 and place a stop + revers at 133.00.




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  #26  
Old 13-07-2015, 21:12
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
A rally from a low of 133.27 looks impulsive and we would like to see support at 134.99 protecting the downside for a break above minor resistance at 137.04 and more importantly above resistance at 137.29 for a continuation higher to 141.06 and above moving towards 144.03.
It will still take an unexpected break below important support at 133.07 to invalidate the bullish outlook and call for a new decline to 126.05 and below.

Trading recommendation:
We are long EUR from 134.07 and we will move our stop a little higher to 134.25. If you are not long EUR yet, then buy near 134.99 and use the same stop at 134.25.




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  #27  
Old 14-07-2015, 19:07
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
A correction in wave ii has turned into expanded flat, which calls for a decline to just below 135.45 in wave c of ii before an extended rally higher to at least 141.52 takes over as wave iii develops.
In the short term, we are looking for a decline to just below 135.45 in order to close at 135.00 before the next strong rally higher to the level of 141.52 and even higher to 143.07. Only an unexpected break below 133.07 will invalidate the bullish outlook.

Trading recommendation:
We are long EUR from 134.07 with stop placed at 134.25. If you are not long EUR yet, buy near 135.00 with the same stop at 134.25.




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  #28  
Old 15-07-2015, 21:54
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
An expanded flat correction has unfolded as expected. We are now looking for an upside acceleration through resistance at 138.14 confirming a continuation higher towards at least 141.52 and possibly even higher to 143.05, which also marks the inverse S/H/S bottom measured target.
Only an unexpected break below support at 133.27 will invalidate the bullish outlook and indicate that the entire rally from 126.05 has been part of a more complex correction and that the low of 126.05 will be retested.

Trading recommendation:
We are long EUR from 134.07 and will move our stop higher to 135.10 upon a break above resistance at 136.44. If you are not long EUR yet, then buy near 135.92 or upon a break above resistance at 136.44 and use the same stop at 135.10.




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  #29  
Old 17-07-2015, 09:13
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
An expanded flat took longer time than we had expected. Now, we need a break above minor resistance at 135.55 to indicate that wave ii is over and wave iii is ready to take over. Until a break above 135.55 is seen, we must accept a possibility of a move closer to 134.45 before the expanded flat finally comes to the end.
Once minor resistance at 135.55 is cleared, upside acceleration towards 141.52 should be seen.

Trading recommendation:
We are long EUR from 134.07 with stop placed at 134.25. If you are not long EUR yet, then buy near 134.45 or upon a break above 135.55 with stop placed at 134.25.




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  #30  
Old 21-07-2015, 18:47
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
Sideways consolidation continues fter a successful intraday test of the intraday support at 134.36. The market is range bounded between the levels of 135.04 and 134.36. A breakout to the upside is being expected, but any breakout below the intraday support at the level of 134.36 would extend a downfall towards the wave A blue support at the level of 133.28.

Trading recommendations:
Due to the sideways price action, trading advise is still valid: buying on dips is a way to trade on this market and daytraders should consider opening sell orders only if the level of 134.36 is clearly violated ( hourly candle close below this level).




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  #31  
Old 22-07-2015, 11:27
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
A low of 134.28 was reached. In the short term, we need a break above minor resistance at 136.38 to confirm a low for wave (ii). Acceleration in wave (iii) is to be expected for a rally to 146.28.
There is still the risk of a break below support at 133.27 that will shift the count to a much more bearish one. If support at 133.27 gets broken, the rally from 126.05 wil be done only in three waves, which is a sign of a correction calling for a new decline to 126.05 and even lower.

Trading recommendation:
We are long EUR from 134.07 and will move our stop higher to 134.30. If you are not long EUR yet, then buy a break above 136.38 and use the same stop at 134.30




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  #32  
Old 23-07-2015, 10:20
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
As long as minor support at 134.83 protects the downside, we will stay cautiously bullish for a break above resistance at 136.38 and more important a break above resistance at 137.80 confirming a continuation higher to 141.06 and 144.03.
To alter the bullish count a break below important support at 133.27 will be needed, but a break below here will leave us with a three wave rally from 126.05 and call for a new decline to this low.

Trading recommendation:
We are long EUR from 134.07 and will move our stop here to 134.75. If you are not long EUR yet, then buy EUR upon a break above 136.38 and use the same stop at 134.75.




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  #33  
Old 24-07-2015, 09:51
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We still need a clear breakout above resistance in the area of136.38 - 136.44 to confirm more upside pressure towards 141.06 and 144.03. As long as this resistance area is able to protect the upside, the risk of a break below minor support at 134.83 remains that will keep both bullish and bearish counts alive.
We still cautiously prefer the bullish picture for a clear breakout above minor resistance at 136.44 and more importantly above resistance at 137.80 for the continuation higher to 141.06 and 144.03. However, the risk of a break below minor support at 134.83 remains adding downside pressure. There is the thread of a breakout below important support at 133.27 , which woul shift the bullish count shift to bearish one and a new decline to 126.05 and below.

Trading recommendation:
We are long EUR from 134.07 and will keep our stop at 134.75. If you are not long EUR yet, buy on a break above 136.44 and place your stop at 135.40 for now.




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  #34  
Old 27-07-2015, 15:11
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The leading diagonal wave i blue looks completed now and wave ii blue is in a corrective cycle. There is still one more wave down missing, wave c purple, to complete the correction. The first sign that the wave down is in progress might be identified when the intraday support at the level of 135.52 is violated. The target is seen at the level of 134.77. On the other hand, any breakout above the intraday resistance at the level of 136.43 will put the alternative count in play, and an upside target would be at the level of 137.74.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.43 is clearly violated (hourly candle close above the level), with tight SL (20-30) pips and first TP at the level of 13686, second TP at the level of 137.74.




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  #35  
Old 28-07-2015, 12:02
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The market has broken through yesterday's resistance at the level of 136.41. This level will act as a support. The upward wave progression has not been completed yet and more gains at the market are expected. Please keep an eye on the intraday support at the level of 136.41 as any breakout lower would invalidate the impulsive wave development and weekly pivot at the level of 135.60 might be tested again.

Trading recommendations:
Daytraders should close the buy orders from yesterday and wait for another upside breakout to produce another chance to enter the market. The best level to place the buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63.




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  #36  
Old 29-07-2015, 12:41
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary
We are still looking for a break above resistance at 137.80 that will confirm continuation higher to 141.06 and 144.03 as the next upside targets. There is still risk of a break below minor support at 135.49 and more importantly a break below the support-line at 134.83. That will question the bullish outlook, but only a break below support at 134.28 will invalidate the bullish outlook all together and call for a new decline to 126.05 and below.

Trading recommendation:
We are long EUR from 134.07 with stop placed at 135.40. If you are not long EUR yet, the buy a break above 137.80 and use the same stop at 135.40.




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  #37  
Old 30-07-2015, 21:39
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The corrective structure is getting more complex and time-consuming. After breaking the lower channel line, the market heads towards lower levels to test the weekly pivot point at 135.60. Please notice that this kind of a range-bounded price action might last some time until the level of 138.12 or 133.26 is violated. Trading conditions might get choppy and full of whipsaws.

Trading recommendations:
Daytrading levels:

- for bulls: the best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63
- for bears: open sell orders at current market levels with SL above the level of 136.32 and TP at the level of 135.60




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  #38  
Old 31-07-2015, 19:14
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The count has been little changed due to expanding corrective cycle in wave c green of wave (c) blue. The outlook is still mid-bearish as the downward wave progression hasn't been completed yet and if the intraday support at the level of 135.53 is violated, next supports are expected at the levels of 135.11 and 134.77.

Trading recommendations:
Daytraders should consider opening sell orders from the level of 135.51 with tight SL (15-20 pips) and TP at the level of 135.11 and 134.77




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  #39  
Old 04-08-2015, 15:36
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The market behave as anticipated going to test the intraday support at the level of 135.53. Currently, the level of 135.90 is being tested from the downside and the black-dashed channel trendline is the most important dynamic resistance today. The downward wave progression does not looks completed and the projected target is still at the wave Y brown at the level of 135.15.

Trading recommendations:
Yesterdays, sell orders hit the TP level and it looks like the market might give traders one more opportunity to open the same sell orders again: sell entry is seen at the level of 135.90 with SL just above the level and TP at the level of 135.51.




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  #40  
Old 05-08-2015, 17:42
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
As anticipated yesterday, the market has completed the wave c purple to the downside and the temporary local bottom had been established at the level of 135.01. Nevertheless, there is still a possibility of further downside developments if the intraday resistance at the level of 135.53 is not violated. If this happens, the market will continue to develop Z brown wave to the downside, targeting the support at the level of 134.42. Please notice that the current wave progression in wave (b) blue might not be completed and might evolve into a triangle pattern ( wave abc green are the first three triangle sub-waves, then we need wave d green and e green to complete it).

Trading recommendations:
Daytraders should consider opening sell orders from the level of 135.53 with tight SL (20-30 pips) and set the TP at the level of 135.01 with a possible extension downwards to the level of 134.42.




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