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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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