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Daily technical analysis of EUR/JPY By INSTAFOREX

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  #81  
Old 30-10-2015, 11:27
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Wave (v) and red wave 1 seemed to end early already at 131.58 (the target we where looking for was found at 130.90). That means red wave 2 is unfolding and should see a rally to just above 133.55 and if wave c extends move even higher to 134.56 before turning lower again.
At this point, only a breakout below 132.15 will add renewed downside pressure.

Trading recommendation:
We will place a EUR selling order at 134.50.




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  #82  
Old 04-11-2015, 00:35
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Wave b of red wave 2 has turned into a triangle. It should just be a matter of time before the final rally higher to 133.64 or even slightly higher to 133.92 before red wave 2 is over and red wave 3 will take over for a decline to 125.99 and 119.90.
Only a direct break below support at 132.16 indicates that red wave 2 already is over and red wave 3 lower is developing.

Trading recommendation:
We will sell EUR at 133.85 or upon a break below 132.16 (one order done cancels the other).




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  #83  
Old 04-11-2015, 23:31
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Wave b of red wave 2 was rerouted, but as long as support at 132.15 protects the downside, I continue to look for a little more upside in red wave 2 towards 134.02 before red wave 3 takes over for a strong decline to 126.05 and likely even lower to 119.90. In the short term, a break above 133.05 confirms the next part of the corrective move higher to 134.02.

Trading recommendation:
We will sell EUR at 133.85 or upon a break below 132.16 (one order done cancels the other).




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  #84  
Old 05-11-2015, 23:43
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The growing bullish divergence warns traders of a bullish reversal coming. This point of view is supported by the current Elliott wave count, where wave c purple is needed to complete the larger degree cycle in wave (b) blue. The first possible target is around the golden channel trend line resistance and demands breakthrough zone resistance between the level of 133.70 - 133.91.

Trading recommendations:
Day traders should consider opening buy orders only if the level of 132.24 is violated, with tight SL (10-15 pips) and TP at the level of 133.30.




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  #85  
Old 06-11-2015, 12:13
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Default Technical analysis of EUR/JPY for November 6, 2015


Support/Resistance:

130.50 - WS2

131.60 - Intraday Support

131.75 - WS1

132.70 - Intraday Resistance

132.82 - Weekly Pivot

Trading recommendations:

Buy orders from yesterday should be kept open with TP at the level of 133.40.
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  #86  
Old 06-11-2015, 18:27
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The bottom for the wave b purple looks to be in place and the market should unfold another upward wave to complete the cycle. The first possible target is around the golden channel trend line resistance and demands breakthrough zone resistance between the level of 133.70 - 133.91.

Trading recommendations:
Buy orders from yesterday should be kept open with TP at the level of 133.40.




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  #87  
Old 11-11-2015, 23:43
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The first attempt to break above the the golden channel line has failed, but there is still a possibility of a further rally upward. Currently, the market is trying to break above the weekly pivot level. The first target for wave (b) is seen at the level of 133.55, but it might goes higher into the demand breakthrough zone and be capped then.

Trading recommendations:
Day traders should consider placing buy orders at current levels with SL below the level of 131.46 and TP at the level of 133.55.




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  #88  
Old 13-11-2015, 08:18
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The Elliott wave count has been re-labeled to incorporate the triangle wave (b) blue idea instead of previously anticipated irregular corrective cycle. The triangle pattern is now a new best fit to the current price action structure, however the market might still be evolving into more complete corrective structure. Any violation of the level of 133.20 invalidates the triangle idea.

Trading recommendations:
If the triangle structure is correct, then all the buy orders should be closed and sell orders should be open with SL above the level of 132.56 and TP below the level of 131.47.




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  #89  
Old 13-11-2015, 16:33
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Consolidation in a range between 131.46 and 133.15 continues unfolding. We still anticipated that a downside resolution eventually will be seen for a decline towards 124.58, but we have to be patient and let both bulls and bears do more or less equal fighting there.
A short-term breakout above minor resistance at 132.48 calls for a move closer to 133.45, while a breakout below 131.45 is needed for a continuation lower to 124.58.

Trading recommendation:
We are short EUR from 132.09 and will keep our stop at 133.25. If you are not short EUR yet, then sell near 132.70 or upon a break below 131.85 and use the same stop at 133.25




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  #90  
Old 18-11-2015, 01:30
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue watching for renewed downside pressure as the next impulsive decline towards 124.54 unfolds. We have seen the first minor impulsive wave (wave i) to 130.64 and wave ii is currently unfolding. Ideally, wave ii will stay below minor resistance at 132.30 for the next impulsive wave lower towards at least 128.78 and even lower to 126.65 in wave iii of (iii).
Resistance at 132.76 now needs to protect the upside or an even more complex correction in wave (ii) than already seen is unfolding.

Trading recommendation:
We are short EUR from 132.09 and will move our stop lower to 132.80. If you are not short EUR already then sell near 132.30 with the same stop at 132.80.




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  #91  
Old 19-11-2015, 14:10
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
A failure to accelerate lower and a breakout above 131.73 taken place overnight did not meet our expectation of a decline in wave wave (iii). The decline from 141.06 in early June is clearly corrective as a nice symmetrical triangle was seen as wave b. Triangles will only be seen in wave 4 or as corrective B waves or X waves. This was a corrective decline, but how it should unfold and is still unclear. However, the failure to accelerate lower indicates that the corrective decline from 141.06 has come to an end and now we have to see how the rally from a low of 130.64 unfolds. A small five wave rally can indicate that the correction from 141.06 has ended.

Trading recommendation:
Our stop at 131.65 was hit for a small but nice profit. We will stand aside for now to observe the rally of the 130.64 low.




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  #92  
Old 20-11-2015, 11:23
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We are currently working with two options. One is bullish and one is bearish. This point the have a fifty-fifty percent possibility of being correct. That said in both cases we should be looking for a rally towards 137.00 over coming weeks.
The deciding factor whether we will go with the bullish or bearish count comes down to the wave structure of this coming rally. If a five wave rally can be counted, we will go under the bullish scenario, while a three wave structure will call for the bearish scenario.But for now we should stay focused on the upside for a rally towards 137.00.

Trading recommendation:
We will buy EUR 131.25 or upon a break above 131.79. Stop will be placed at 130.50.




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  #93  
Old 25-11-2015, 22:39
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
As anticipated yesterday, the intraday resistance at the level of 13078 has not been broken and the market has made another wave down to complete the wave 5 purple of the ending diagonal structure. The current projected target for wave 5 purple is at the level of 129.50 and a rebound from this level is currently expected.

Trading recommendations:
Daytraders should consider reopening sell orders from the level of 130.18 with tight SL and TP at the level of 129.50.




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  #94  
Old 27-11-2015, 14:56
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY has tested the 161.8% extension target at 129.93 and we expect a minor correction back towards 132.50 before the next downside pressure towards 125.60 occurs.
Only a breakout above resistance at 133.22 will question this count, but it will take a breakout above 134.75 to invalidate it altogether.

Trading recommendation:
We will buy EUR here at 130.08 and place our stop at 129.08.




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  #95  
Old 01-12-2015, 01:48
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to expect a bottom being found anytime now for a rally back to 132.50 before the next turn lower. In the short term, we need a breakout above minor resistance at 130.32 to confirm that wave [iii] has ended and [iv] is unfolding towards 132.50.
However, as long as minor resistance at 130.32 holds firm, we must accept the downside pressure to continue, but the downside potential does look limited from here.

Trading recommendation:
We are long EUR from 130.08 with stop placed at 129.08. If you are not long EUR already, then buy on the breakout above 130.32 and place your stop just below the lowest point seen.




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  #96  
Old 02-12-2015, 10:36
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
A breakout above minor resistance at 130.32 confirmed that wave [iii] ended at 129.62 and wave [iv] now is unfolding. This ideal target for wave [iv] is seen at 132.50.
Wave [ii] was a simple zig-zag correction that corrected most of wave [i] so due to the alternation principle, we should expect a complex sideways correction in wave [iv].
In the short term, support at 129.98 will be ideal to protect the downside for the move closer to 132.50.

Trading recommendation:
We are long EUR from 130.08 and will move our stop higher to 129.95 and take profit at 132.25. If you are not long EUR yet, then buy near 130.30 and use the same stop and take profit levels.




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  #97  
Old 04-12-2015, 12:16
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The ending diagonal pattern in wave (c) blue had been completed. The price exploded to the upside following the news release. The target for big cycle wave C is above the top of the wave A, but first the market must break out above the descending golden channel trend line around the level of 136.00.

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward ratio is too large for any trade. Patience is needed.




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  #98  
Old 09-12-2015, 04:46
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The abc simple corrective cycle had been completed just below the level of 133.30, and so far it did not reach the 100% FiboExt at the level of 133.06. The mentioned low might be an end of a wave 2 as well, but there are some indications of more complex corrective cycle to come in wave 2.

Trading recommendations:
Day traders should consider placing sell orders from current market levels with tight SL and TP at the level of 132.52.




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  #99  
Old 10-12-2015, 11:00
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Nothing is going on here at the moment. We would still like to see a minor move lower to 132.88 before the next rally higher towards at least 135.34 and possibly even higher to 136.69 before renewed downside pressure should be expected.
Only a direct breakout above resistance at 134.59 will cancel the expected decline closer to 132.88 and move directly towards 135.34.

Trading recommendation:
We are looking for a buying opportunity at 132.95. If done, we will place our stop at 132.00.




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  #100  
Old 11-12-2015, 18:07
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The correction in wave b ended a little lower than expected at 132.72, but still pretty close to our expected target at 132.88 and we will now be looking for a breakout above resistance at 134.22 confirming the next rally higher towards 135.34 and possibly even higher to 136.69 before this correction is over and a new impulsive decline can begin.

Trading recommendation:

We are long EUR from 132.95 and will move our stop higher to 132.70. If you are not long EUR yet, then buy 133.35 and use the same stop at 132.70.




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  #101  
Old 17-12-2015, 12:53
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The internal wave progression of the wave b green is evolved into a more complex and time-consuming structure. Inside of this structure, the wave c green to the downside is still missed and a projected target is seen at the level of 132.13.

Trading recommendations:
Day traders should consider placing sell orders only if the level of 132.70 is violated. SL orders should be placed at the level of 133.30 and TP orders should be placed at the level of 132.14.




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  #102  
Old 22-12-2015, 02:52
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
A big question is of cause whether wave (ii) ended at 134.59? We do think that the time-span for wave (ii) was rather short in comparison to wave (i), so ideally we will see more correction in wave (ii) closer to 135.97, where wave c is equal to wave a in length. That said, we have to be aware of the possibility that wave (ii) could already have terminated at 134.59 and wave (iii) lower towards at least 123.21 is unfolding. If wave (ii) has already terminated a breakout below support at 129.69 should be seen soon.

Trading recommendation:
We will buy on a breakout above 131.93 and place our stop at 130.93 for a rally towards 135.97




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  #103  
Old 25-12-2015, 13:16
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The wave a of the last leg of a corrective abc pattern has been formed and now wave b purple is in progress. This means that one more low will be reached below the level of 131.04. Please notice that the invalidation line or the whole structure is seen at the level of 129.65.

Trading recommendations:
Day traders should consider placing sell orders from the current market levels with SL above the level of 132.76 and TP at the level of 131.20.




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  #104  
Old 29-12-2015, 19:15
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
There is no change in a view here. We continue to watch for a rally towards 135.97 as long as support at 131.46 is able to protect the downside. In the short term, a breakout above minor resistance at 132.80 will confirm a new rally to 134.59 and above towards 135.97.
Only an unexpected breakout below support at 131.00 will invalidate the bullish outlook indicating that wave (ii) ended early at 134.59 and wave (iii) lower to 126.05 and below is developing.

Trading recommendation:
We are long EUR from 132.17 with stop placed at 131.40. If you are not long EUR yet, then buy a breakout above 132.46 and use the same stop at 131.40, but be ready to move it higher soon.




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  #105  
Old 31-12-2015, 02:21
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Important short-term support at 131.00 continues to protect the downside keeping our preferred count alive for a final rally higher towards 135.97 before the correction from 129.62 comes to an end and a new impulsive decline below 126.05 should be seen.
Only a direct breakout below important support at 131.00 will indicate that wave (ii) ended early at 134.59 and wave (iii) lower is already unfolding.

Trading recommendation:
As wave [ii] became slightly deeper than first expected our stop at 131.40 was hit, but we will re-buy EUR here at 131.70 with a stop and revers at 130.95.




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  #106  
Old 05-01-2016, 15:37
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Once an important short-term support at 131.00 gave away, there was no looking back and we have seen a nice impulsive decline to the long-term support line near 129.00. Sooner or later, we expect the support line to be broken clearly as downside acceleration towards 116.13 is anticipated in the longer term.
As for the short term, we should expect that support in the 128.03 - 128.25 area will protect the downside for a sideways consolidation before a clear break is finally seen, but once this support line is broken for real, prices should accelerate lower towards 123.16 and 116.13.

Trading recommendation:
We are short EUR from 130.95 with stop at 130.65. If you are not short EUR yet, then sell near 129.82 and use the same stop at 130.65.




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  #107  
Old 07-01-2016, 10:39
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
As we expected, red wave (iii) ended at 126.97 and wave (iv) is now unfolding. This correction in red wave (iv) is more about time than the price. It means the correction is expected to shallow and pave the way for the next move lower towards 125.84 as the next downside target.
A test of the 128.04 target has already been seen and red wave (iv) could move a little higher to 128.55, but do not expect too much.

Trading recommendation:
We are short EUR from 130.95 with stop placed at 129.50. If you are not short EUR yet, then sell near 128.04 and use the same stop at 129.50.




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  #108  
Old 08-01-2016, 08:20
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

EUR/JPY:
This week so far, the EUR/JPY dropped by 350 pips, tested the demand zone at 127.00, and then bounced upwards. From that demand zone, the price has moved upwards seriously, now it is above the demand zone at 128.50. While the upward bounce may continue, the bias would be bearish as long as the price does not close above the supply zone at 130.00.




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  #109  
Old 13-01-2016, 23:43
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Overall we continue to look for more downside pressure towards 126.05 and below to 125.45 as the next downside targets. As long as minor resistance at 128.47 protects the upside, we are looking for a direct break below minor support at 127.64 for a new test of 126.76 on the way lower to 126.05.
If however, minor resistance at 128.47 is broken, that will prolong the correction in red wave (iv) for a rally to 129.48 before going lower again.

Trading recommendation:
We are short EUR from 130.95 and will move our stop lower to 128.55. If you are not short EUR yet, then sell close to 128.20 and use the same stop at 128.55.




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  #110  
Old 15-01-2016, 02:02
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The possible triangle we mentioned yesterday is more and more likely to be formed. As we said yesterday, we are still at the very beginning of the process, so a lot can still happen to the corrective pattern. But for now, we will play out the triangle scenario. Once this triangle terminates, a downward thrust is expected for a continuation lower to 126.05 and 125.45.
The short-term resistance is found near 128.80. It will take a break above 129.08 to invalidate the triangle scenario.

Trading recommendation:
We are short EUR from 130.95 and will move our stop to 129.15. If you are not short EUR yet, then sell near 128.80 and use the same stop at 129.15.




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  #111  
Old 15-01-2016, 17:39
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The triangle consolidation we have been looking for continues to unfold just as we expected. Still more small squiggles are needed inside the triangle to finish wave d and e before a downside thrust will be seen.
It will take an unexpected break above 129.08 to invalidate the triangle scenario, but even if a break above 129.08 occurs, we expect the potential towards the upside to be limited to 129.48.

Trading recommendation:
We are short EUR from 130.95 with stop placed at 129.15. If you are not short EUR yet, then sell near 128.61 and use the same stop at 129.15.




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  #112  
Old 19-01-2016, 21:25
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
No changes are observed here. The triangle consolidation that we have been tracking for the last couple of days is still unfolding, but we are in the final part of this triangle now. We are watching for a minor rally in wave-e to 128.21 or maybe even slightly higher to 128.40. But once this triangle consolidation is over, a downside thrust towards 126.05 and 125.45 is expected.
The top of wave-c at 128.75 should not be broken.

Trading recommendation;
We are long EUR from 130.95 and will move our stop lower to 128.80. If you are not short EUR yet, then sell near 128.20 and use the same stop at 128.80.




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  #113  
Old 20-01-2016, 22:23
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The triangle consolidation we have been tracking over the last two weeks is finally over and we should now see resistance at 128.75 protecting the upside for a downside thrust out of the triangle and a decline towards 126.05 and 125.45 as the next downside targets. In the longer term, we continue to look for even lower levels near 123.16 and possibly even lower to 117.37.
Only an unexpected breakout above 128.75 will indicate an upside thrust out of the triangle and a rally to 129.79 before moving lower again.

Trading recommendation:
We are short EUR from 130.95 with stop placed at 128.80. If you are not short EUR, then sell near 128.20 or upon a breakout below minor support at 127.96 and place your stop at 128.80 too.




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  #114  
Old 22-01-2016, 12:40
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Red wave ended a little earlier than we had expected. The bottom of red wave (v) and wave [iii] was seen at 126.14. That means a correction in wave [iv] is unfolding now. An ideal target for this correction is seen at the 38.2% corrective target of a decline from 133.25 to 126.14 and this target comes in at 129.07, which is the top of red wave (iv) of one lessor degree. In the short term, we are going to look for a minor set-back to 126.92 before the next minor rally towards 129.07 ends wave [iv] and sets a stage for the next impulsive decline in wave [v].

Trading recommendation:
We are short EUR from 130.95 and will move our stop lower to 127.90 or take profit at 127.05




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  #115  
Old 25-01-2016, 21:57
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We are looking for a bottom in red wave ii above important support at 1.6370 for the next rally higher towards 1.7641 and higher to 1.8020.
The corrective pattern we expected red wave ii to form is an expanded flat correction and does that prove correct then a strong rally in red wave iii should be expected.
As long as minor resistance at 1.6706 is protecting the upside, we will be looking for a move closer to 1.6480 and maybe even closer to 1.6439 before red wave iii will be ready to take over for a strong rally higher to 1.7641 and above.
Only an unexpected breakout below 1.6370 will force a new count for the rally from 1.5784.

Trading recommendation:
We will buy EUR at 1.6480 with stop placed at 1.6365 or upon a breakout above 1.6706 with stop placed at 1.6480.




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  #116  
Old 27-01-2016, 23:30
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The corrective rally in wave [iv] from 126.14 continues to unfold as we expected. It looks as if wave c of [iv] turns into a small ending diagonal, which means the final rally higher towards 129.07 is likely to be a little slower than we first anticipated, but nothing else has changed.
Short-term support is found at 128.23 and again at 128.05. It is expected to protect the downside for the next part of wave c higher towards 129.07.
Only an unexpected breakout below support at 127.77 will indicate that the corrective rally in wave [iv] has already ended and a new impulsive decline in wave [v] lower to 123.89 is developing.

Trading recommendation:
We will sell EUR at 129.00 or upon the breakout below the important short-term support of 127.77.




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  #117  
Old 02-02-2016, 16:44
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to look whether the resistance line of 141.06 keeps on protecting the upside or it will be broken. Whatever happens here will decide trade for the next couple of weeks. For now, it looks like a minor consolidation just below the resistance line near 122.00. If that's the case, a stronger test of this resistance line should be expected soon. If, however prices begins to tilt lower, as we saw in December, October, and August, a new decline towards important support at 126.05 should be expected.

Trading recommendation:
We will stay sidelined until the faith of the resistance line will be determined.




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  #118  
Old 03-02-2016, 17:58
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary;
As the resistance line at 141.04 has protected the upside and turned prices lower, we still have two possible scenarios in play.
The first shows that a very complex corrective pattern is still unfolding for an orthodox top at 145.69 and since then an expanded flat pattern has been unfolding. A final decline to the territory below 126.05 should be seen.
The second scenario suggests that an expanded flat pattern has terminated at 126.05 and a new impulsive rally now is unfolding, but a break above the resistance-line near 132.50 is needed to gain momentum to play out this scenario. The breakout above 132.50 calls for 141.04 and above.

Trading recommendation: We will remain sidelined for now.




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  #119  
Old 04-02-2016, 08:19
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We have evaluated our two possible counts and have decided that this count is the most favorable one. This count shows that wave [C] or [iii] is already developing for a long-term rally above 149.55 closer to 170.00.
However, in the the short term, we are likely to see a correction slightly below the area of 128.60 - 129.30 before the next rally higher. We expect the resistance line from 141.04 to be broken. This will also trigger an inverse S/H/S bottom for an anticipated rally to 138.31.
As this corrective decline is minor wave two, it could be deeper than 128.60.

Trading recommendation:
We will look for a EUR-buying opportunity near 128.60.




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  #120  
Old 09-02-2016, 12:26
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We have already seen an expected corrective decline to 128.55 (the low has been 128.25). We are watching for signs that this corrective decline has run its course and a new impulsive rally to 141.04 and above is developing.
To confirm that a low is in place, a breakout above the minor resistance at 129.69 will be needed, but it should send us higher to 132.32 en route to 141.04 and above.

Trading recommendation:
We bought EUR at 128.60 and have placed our stop at 127.60. If you are not long EUR yet, buy on a breakout above 129.69 and use the same stop at 127.60 expecting to move it higher quickly.




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