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Daily technical analysis of EUR/JPY By INSTAFOREX

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  #41  
Old 06-08-2015, 19:51
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The bottom of the wave (b) blue looks to be in place at the level of 134.98. Only a clear breakout below this level would invalidate this view. Currently, the market is trying to develop another wave up, wave (c) blue, to complete the corrective cycle. Please notice, that as long as market trades inside of aneutral range (between the level of 137.33 and 134.22) and below the level of 137.33, there is still a possibility of another wave XX brown to the upside and then reversal downside. Moreover, only an immediate breakout above the intraday resistance at the level of 136.42 opens the road towards the level of 137.33.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.42 is clearly violated, with SL below the level of 135.89 and TP at the level of 136.96 and 137.33.




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  #42  
Old 07-08-2015, 12:57
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The corrective cycle in wave b purple looks completed, however there might be one more small wave to the downside in progress before it is finally done. Nevertheless, there is still wave c purple to the upside needed to compete the whole structure. Both support and resistance are the key levels for bulls and bears today. Any violation of one of this levels will set the sentiment for the rest of the day. The near-term bias is still bullish.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.48 is clearly violated (hourly candle close above the level), with SL below the level of 135.79 and TP at the level of 136.96 and 137.33.




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  #43  
Old 11-08-2015, 18:52
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The alternative count that included wave alt:XX reversal from a potential reversal zone has now been invalidated and the bottom for wave (b) blue had been established at the level of 134.98. The current upmove is a clear three wave structure so far, labeled as abc purple. The alternative scenario suggests a more impulsive wave development to the upside with the invalidation line at the level of 136.37. The bias is still slightly bullish as there is an uncompleted wave structure to the upside.

Trading recommendations:
As long as the level of 136.78 is providing the support, daytraders should look for buying opportunities in this market with SL below the level of 136.35 and TP at the level of 137.46 and 137.74.




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  #44  
Old 12-08-2015, 21:11
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
After breaking yesterday's high of the wave c purple at the level of 137.46, the main count was invalidated and the bullish impulsive count is currently the correct one. The wave progression to the upside looks completed and the whole (a)(b)(c) blue corrective cycle might be completed as well. However, there is no top confirmation from the price action and it can come only with intraday support breakout (at the level of 137.78), weekly pivot resistance breakout (at the level of 137.74), and overbalance level breakout (at the level of 137.50). Any failure to break out below this levels means that new highs should be seen soon.

Trading recommendations:
Swingtraders and daytraders should note that the bigger corrective cycle might have been completed and any breakout below the level of 137.50 might be considered as bearish. Longer-term buy orders should be now closed or set for a trailing stop.




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  #45  
Old 13-08-2015, 20:43
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The five wave impulsive structure to the upside looks like it has been completed and now the market might continue developing the larger downside cycle. The first confirmation would be a clear impulsive breakout below the intraday support at the level of 137.78 and therefore the top at the level of 138.86 would take place. Any new high invalidates this scenario

Trading recommendations:
Daytraders should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78




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  #46  
Old 14-08-2015, 20:07
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
As mentioned yesterday, the impulsive structure to the upside looks completed and the first indications of a corrective cycle to the downside are present in the hourly chart. Moreover, the intraday resistance at the level of 138.83 puts a cap on the price and after five-time trying, the market is not able to break out above this level. Further confirmation comes with the intraday support breakout at the level of 138.07 and the next support is at the level of 137.74.

Trading recommendations:
Daytraders still should consider opening sell orders from the level of 138.50 with SL above the level of 138.90 and TP at the level of 137.78





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  #47  
Old 18-08-2015, 18:07
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
As anticipated yesterday, the market reversed after testing the golden trend line resistance and currently is heading lower towards the technical support at the level of 137.34. Please notice that this corrective cycle might evolve into a more complex and time-consuming cycle, especially if the price falls lower into the neutral/range zone.

Trading recommendations:
Yesterday's shorts should be closed now as the TP level has been hit. Currently traders should refrain from trading and wait for clear pattern to emerge soon.




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  #48  
Old 20-08-2015, 18:13
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The corrective wave W brown has been completed in three waves. So far there is no downside continuation for now as the market has broken out above the yesterday's resistance. Nevertheless, the three up waves, labeled as abc purple, might indicate a possible corrective wave X brown is about to be completed and then the downward corrective cycle in wave Y brown will continue. The key level for today is intraday resistance at the level of 138.39, because any breakout above this level will lead to immediate test of the recent high at the level of 138.82

Trading recommendations:
Daytraders should consider opening sell orders from the level of 138.39 with tight SL (10-15 pips) and TP at the level of 137.60.




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  #49  
Old 21-08-2015, 21:55
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The double zig-zag pattern in wave X brown looks completed, but the market might still try to test the intraday resistance at the level of 138.84 one more time. Any breakout higher above this level invalidates the count and makes the weekly pivot resistance at the level of 139.45 the first target for the up wave. On the other hand, a clear breakout below the intraday support at the level of 138.12 supports the bearish outlook

Trading recommendations:
The sell orders from yesterday have not been profitable and the small loss of 10-15 pips has been accounted. Nevertheless, daytraders should still consider opening a sell orders from the level of 138.84 with tight SL (10-15 pips) and TP at the level of 138.12. Any clear impulsive breakout higher above the level of 138.84 with hourly candle close above that level is bullish and all shorts should be closed immediately!




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  #50  
Old 24-08-2015, 17:54
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The market still cannot break out above the 138.84-138.94 resistance zone and the corrective cycle is getting more and more complex and time-consuming. Only a clear breakout below the intraday support at the level of 138.99 will confirm the top for the wave X brown is in place.

Trading recommendations:
Daytraders should consider selling any breakout below the level of 138.10 with SL above the level of 138.94 and TP at the level of 137.04.




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  #51  
Old 26-08-2015, 00:57
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The anticipated low labeled as wave Y brown occurred yesterday and the WXY brown corrective structure is now completed. However, as long as the intraday resistance at the level of 138.94-138.84 puts the cap on any price rally, the market might still try to make another wave down with a low below the level of 136.02. Then the corrective structure will get more complex and time-consuming

Trading recommendations:
All TPs from yesterday have been hit and for today the daytraders should refrain from trading due to a lack of a clear pattern to trade




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  #52  
Old 27-08-2015, 16:48
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
As anticipated yesterday, another low below the wave Y brown bottom was reached at the level of 135.44. Currently, the corrective structure in wave (a) blue looks completed. If the intraday resistance at the level of 136.40 is violated, then the wave (b) blue to the upside might be in progress, but please keep in mind that this wave (b) might be very short-lived, and the market will continue its decline. Another thing worth to mention is the price is trading inside of the bearish zone now.

Trading recommendations:
Daytraders should consider opening buy orders from the level of 1.3211, with SL below the level of 1.3200 and TP at the level of 1.3299.





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  #53  
Old 28-08-2015, 20:06
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The wave (b) blue is now in progress with the potential target at the level of 137.58 where the intraday resistance is. This kind of wave might get complex and time-consuming. Moreover, the whole technical picture from the Elliott wave perspective looks like a large corrective cycle in the wave C black is developing right now, so this kind of range-trading might be the main theme for some time now.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.51 is violated with SL below the level of 135.44 and TP at the level of 137.50.




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  #54  
Old 01-09-2015, 17:17
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The market is trading inside of a narrow range below the weekly pivot at the level of 136.50. The upside scenario is still possible, but first the weekly pivot and the intraday resistance at the level of 136.60 must be clearly violated in an impulsive fashion. Only then, wave (b) blue might hit the projected target at the level of 137.59. Otherwise, the market will continue to consolidate inside the bearish zone.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.60 is clearly violated (hourly candle close above the level) with SL just below the level of 135.23 and TP at the level of 137.60.




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  #55  
Old 02-09-2015, 20:26
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We continue looking for more upside as long as important support at 133.27 stays intact, but the short-term picture has become messy after the break below minor support at 135.23. The possible reason could be that a triangle is developing, but it is too early to tell. In the short term, a break above minor resistance at 136.24 will be needed to ease immediate downside pressure.

Trading recommendation: Stay neutral for now.




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  #56  
Old 04-09-2015, 00:18
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The market is waiting for tomorrow's NFP data release. The ranges are the same as yesterday with the current price trading inside the bearish zone. The complex corrective structure looks completed now, but the upside is limited by the weekly pivot at the level of 136.50. Moreover, the top of the wave B had been established at the level of 138.94 according to this count, and the market should now continue the downside wave development in order to complete the wave C black.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.60 is clearly violated (hourly candle close above the level) with SL just below the level of 135.23 and TP at the level of 137.60.




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  #57  
Old 09-09-2015, 13:48
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The level of 134.68 was violated, so the green impulsive count to the downside had been invalidated. The bottom for wave C black is now set at the level of 132.22. The current corrective structure labeled as abc purple might just be a part of a lager corrective (a)(b)(c) blue cycle with targets at the levels of 135.59 and 136.38.

Trading recommendations:
Sell orders from the level of 136.68 should still be in play with SL above the level of 135.10 and TP at the level of 134.25 and 133.50.




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  #58  
Old 10-09-2015, 15:02
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
As anticipated yesterday, the market has hit the intraday resistance at the level of 135.81 and the corrective structure to the upside might be completed now. Nevertheless, the correction might get more complex if the downward wave develops in a choppy fashion, full of whipsaws and false breakouts. The intraday support at the level of 134.25 is the key downside level downside.

Trading recommendations:
Daytraders should consideropening sell orders from the current price levels with SL just above the level of 135.81 and TP at the level of 134.25.




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  #59  
Old 10-09-2015, 20:54
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical outlook and chart setups:
The EUR/JPY pair is trading around 135.50 and is quickly approaching the resistance levels of 136.40/50. Please note that 136.50 is fibonacci 0.618 resistance of a drop between 139.00 and 132.25. It is hence recommended to initiate 50% short positions now and remaining 50% at 136.40/50 with risk at 139.00. Immediate support is seen at the levels of 133.00 followed by 132.00 and lower while resistance is seen at 136.50 followed by 139.00, 140.00/141.00, and higher respectively.

Trading recommendations:
Initiate 50% short positions now and remaining at 136.50 with stop at 139.00 and target is open.

Good luck!





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  #60  
Old 11-09-2015, 13:24
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
TA recent rally was more impulsive than we had expected. It is almost impossible to count the waves, and that does indicate that this is another X-wave rally and not the start of a new impulsive rally towards the territory above 141.06. Yes, we woul prefere to get closer to the descending channel (resistance line) near 138.50, but the rally from 132.19 is overextended and could need a correction soon.
In the short term, we will be looking for resistance at the levels of 137.41 - 137.02 for a break below minor support at 135.72 indicating a correction lower to 134.32 and even lower to 133.81 before the next move higher.

Trading recommendation:
We will sell EUR here at 136.30 with a stop at 136.75 and place take profit at 134.50.




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  #61  
Old 15-09-2015, 18:07
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
An expected correction lower to 135.18 and possibly even lower to 134.04 is unfolding. That means X-waves do not have to be perfect three-wave corrections. Often, they are just as what we have seen in this cross and strong move where it is almost impossible to count the waves once the move is over, so is the x-wave and the next impulsive wave can take over to the downside. In the short term, we expect resistance at 136.41 to protect the upside for a decline to 135.18 and possibly even lower.

Trading recommendation:
We took profit at 50% of our short position from 136.41 at 135.65 and will move our stop lower to 136.45




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  #62  
Old 17-09-2015, 16:16
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
A decline from 137.05 is performen in three waves and therefore more upside pressure is expected towards 138.25 where we the resistance-line of 141.06 is found. A movement back to a high of 141.06 and even higher to 143.90 should be expected.
Only if the resistance line near 138.25 is able to turn prices lower we should see a decline to 126.59 soon and maybe even lower.

Trading recommendation:
Our stop at 136.45 was hit for a very small loss. We will buy EUR at 135.75 with stop at 135.10




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  #63  
Old 18-09-2015, 16:42
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We saw a breakout above resistance at 137.04, but it was almost immediately reversed, which indicated that we saw a failure breakout. Tthe downside pressure will increase now. In the short term, we will need a break below support at 135.99 to confirm that the x-wave is over and a new decline towards 131.45 is developing.

Trading recommendation:
We will sell EUR here at 136.62 and will place stop at 137.40




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  #64  
Old 23-09-2015, 15:37
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
A decline from 137.42 unfolded nicely and even stronger than we had expected. We will now look for resistance at 133.75 for a continuation lower towards 131.45. Only a break above 133.75 will indicate that a larger correction is unfolding towards 134.30 before moving lower to a target at 131.45 . As we get closer to an ideal downside target at 131.45, we are likely to see rising volatility as the battle between bulls and bears become more fair.

Trading recommendation:
We are short EUR from 136.62 and we will move our stop lower to 133.80. If you are not short EUR yet, sell near 133.75 with a close stop at 133.80.




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  #65  
Old 24-09-2015, 17:56
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The upward rally has run out of a steam as the technical resistance at the level of 134.98 is still not broken. Currently, the golden trend line provides a dynamic support for the price, but any breakout lower will directly expose the level of 133.74 for a test.

Trading recommendations:
Daytraders should consider opening sell orders at current levels with SL above the level of 134.70 and TP at the level of 133.75.




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  #66  
Old 25-09-2015, 15:54
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary
We have seen the expected resistance near 134.69 (the high came in at 134.91). Now we will be looking for the next part of the decline towards the ideal downside target at 131.45.
In the short term, a break below minor support at 134.00 confirms the expected decline closer to 131.45. To be honest, the decline from 141.06 has been pretty messy and hard to read, but it is one of the features of a correction. So once the low is in place near 131.45, a new impulsive rally should be expected.

Trading recommendation:
We will sell EUR at 134.45 or upon a break below 134.00 with a stop place at 134.95 and take profit placed at 131.65





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  #67  
Old 01-10-2015, 03:15
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
No change in view is observed here. We continue to watch for one more decline closer to an ideal target at 131.45 before a firm bottom is expected. A new rally higher should be expected. In the short term, we expect the minor resistance at 135.38 to protect the upside for expected downside pressure.
Only an unexpected breakout above minor resistance at 135.38 will indicate that the bottom is in place for a new impulsive rally back to 141.03 and above.

Trading recommendation:
We have placed a buy-order at 131.50 and one upon a break above 135.38 (one order done cancels the other)





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  #68  
Old 01-10-2015, 22:41
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
A very slow descent towards 131.45 continues. Once the target has finally been reached, a new impulsive rally higher towards 141.06 and above is expected The short-term resistance is found at 135.10 and only a direct breakout above here could indicate that the bottom is already found at 132.23 and the new impulsive rally already is unfolding.

Trading recommendation:
We will buy EUR near 131.45 or upon a break above 135.10 (one order done cancels the other)




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  #69  
Old 02-10-2015, 19:08
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We continue to look for a final decline closer to 131.45 before a firm bottom to be in place for a new impulsive rally back to 141.03 and higher.
In the short term, we expect minor resistance at 134.43 will be able to protect the upside for the next downside attack and a break below support at 133.14 for the move closer to 131.45.

Trading recommendation:
We will buy EUR near 131.45 or upon a break above 135.10 (one order done cancels the other).




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  #70  
Old 08-10-2015, 10:30
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
There are no changes in view here. Red wave ii is likely to take a little longer than we expected, but otherwise the outlook continues to stay bullish for a rally higher to 141.00. Red wave ii seems to be a flat correction calling for a move closer to 134.40 before the next rally higher takes place, this time is ideal for a break above resistance at 135.71 confirming the next rally higher. It will take an unexpected decline through support at 133.44 to invalidate the bullish outlook.

Trading recommendation:
We are long EUR from 135.10 and will keep our stop at 133.45. If you are not long EUR yet, then buy near 134.40 and use the same stop at 133.45.




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  #71  
Old 09-10-2015, 07:24
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We are going nowhere at the moment. Red wave ii is still unfolding, but should be coming to an end soon and should lead to a break above minor resistance at 135.71 for the next impulsive rally towards 138.08 in red wave iii. Wave iii is likely to extend even more greatly.
The short-term support is seen at just below 134.40 and will ideally protect the downside for a break above minor resistance at 135.71. It will take an unexpected breakout below support at 133.44 to invalidate the bullish outlook.

Trading recommendation:
We are long EUR from 135.10 with stop placed at 133.45. If you are not long EUR yet, then buy near 134.40 with stop placed at 133.45




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  #72  
Old 14-10-2015, 10:22
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical summary:
We continue to look for more upside pressure towards 138.10 and then higher to 141.00 once this minor correction is over. Ideally, it will find support at 136.00, but we must allow for a corrective decline closer to 135.71 before the next rally higher to 138.10 is seen.
The rally of the wave (ii) low at 133.15 is in no way convincing yet, but acceleration will be seen soon as we enter the key stage of the impulsive wave.

Trading recommendation:
We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, then buy near 136.00 or upon a break above 136.50 and use the same stop at 135.30




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  #73  
Old 14-10-2015, 20:25
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The fourth wave looks completed now, but there is no real impulsive wave progression to the upside yet. This means the market might evolve into more complex and time- consuming correction. Please notice the invalidation line for the whole structure is seen at the level of 135.70.

Trading recommendations:
Buy orders should be still in play and the SL should be moved higher to the level of 135.98. The projected target for TP is at the level of 137.20 (minimum target).




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  #74  
Old 15-10-2015, 12:03
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
There is no changes in view here: we continue to expect a test of important resistance near 137.44 to take place soon. A break above the resistance-line will confirm a further rally towards 138.10 and 139.02 on the way higher to 141.00. As we begin to see the shape of a triangle, the big question is if the rally of the 126.05 low is a giant triangle. If it is, then it has to be an X-wave. This triangle should be resolved downside and ultimately a break below 126.05 is expected. It all depends on what will happen near the resistance line.

Trading recommendation:
We are long EUR from 135.10 and will move our stop higher to 135.90. If you are not long EUR yet, then wait to buy a break above resistance at 137.44 and use the same stop at 135.90.




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  #75  
Old 16-10-2015, 10:12
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
A strong decline from 136.46 has invalidated a bullish call and that leaves us with a huge triangle pattern from 126.05. There is no way this could be a bullish triangle, which means we shall be looking for a downside thrust eventually. A break below important support at 133.11 confirms the downside thrust and ultimately a decline below a low of 126.05.
This is the way corrections work. A perfect bullish count is likely to be destroyed next day, and everything turns upside down.

Trading recommendation:
Our stop at 135.90 was hit for a nice little profit. We will no be looking for a EUR selling opportunity with a stop set at 136.80.




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  #76  
Old 20-10-2015, 18:49
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We are getting nowhere at the moment. We are still firmly locked inside the triangle pattern, looking for clues about when a thrust of the triangle should be imminent. The first clue would be a break below minor support of 134.36 with a call for a test of important support at 133.11. It will confirm an expected downside thrust and decline below 126.05 in the longer term. That said, we will have consider a possible upside breakout, which will be confirmed by a break above 137.44.

Trading recommendation:
We continue to look for a selling opportunity at 135.95 or upon a break below minor support at 134.91.




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  #77  
Old 21-10-2015, 16:07
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The pair moved slightly higher, but it is still locked firmly within the possible triangle borders. We still watch for a downside thrust, which means that resistance near 136.55 will turn prices to break below minor support at 133.11 that would confirm the thrust of the triangle.
A break above resistance at 137.44 will indicate an upside thrust out of the triangle or even larger triangle formation, leaving us with much more time of sideways movements.

Trading recommendation:
We sold EUR at 135.95 and placed out stop at 136.80. If you are not short EUR yet, then sell EUR near 136.55 or upon a break below 135.80 (one order done cancels the other) and use the same stop at 136.80.




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  #78  
Old 23-10-2015, 07:41
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
A decline from 136.39 is clearly impulsive and has all the earmarks of a third wave decline. It is almost vertical and very strong, which is exactly what we would be looking for in wave 3.
An ideal target for wave iii is seen at 132.98 where wave iii will be 161.8% of wave i, but wave iii could extend even more. Then, the next downside target would be found at the 200% extension target at 132.17.
Resistance is now seen at the former Triangle support line near 134.30 and again at 134.59.

Trading recommendation:
We are short EUR from 135.95 and will move our stop lower to 134.85 locking in a nice profit. If you are not short EUR yet, sell near 134.59 if seen or upon a break below minor support at 133.94 and use the same stop at 134.85.




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  #79  
Old 28-10-2015, 12:34
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We have seen an expected breakout below support at 132.98 for a continuation lower towards strong support near 132.17. We will ideally find the bottom of wave (iii) at 132.17 and set the stage for a correction in wave (iv) back to 133.92 before lower in wave (v).
Short-term resistance is seen at 133.23 and again at 133.51. The later should ideally protect the upside for a continuation lower to 132.17.

Trading recommendation:
We are short EUR from 135.95 and will move our stop lower to 133.55 and keep our take profit at 132.25.




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  #80  
Old 29-10-2015, 12:25
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
If we see a weekly close below 132.17, we can expect a breakout below the support-line at 94.12 and a return to 126.05 and lower to 119.90. Looking at the shorter time frame, a decline to 130.90 is in the cards to end red wave 1 and set the stage for a more substantial correction back to the area of 133.55 - 133.92 in red wave 2. That said we should be aware of the risk of an accelerating decline to 126.05 and lower.

Trading recommendation:
We took profit on our short position at 133.55. We will look for a new shorting opportunity in the coming sessions.




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