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Daily technical analysis of EUR/JPY By INSTAFOREX

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  #161  
Old 26-05-2016, 09:22
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Of course, we needed a false rally followed by the expected decline closer to our ideal target at 122.12 (the low seen till now has been 122.23), with a low at 122.23 our corrective target has been fulfilled and the next impulsive rally can take hold any time now. A break above yesterdays high at 123.12 will be the trigger for the expected rally higher to 124.65 and 126.47 as the next upside target. A break above the latter will confirm that a long-term bottom is in place for much more upside pressure towards 141.06 as the first major upside target.
At no point can a break below support at 121.46 be allowed as that will invalidate the bullish outlook.

Trading recommendation:
We are long EUR from 122.80 with stop placed at 121.45. If you are not long yet, then buy EUR at 122.20 or upon a break above 123.12 and use the same stop at 121.45.




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  #162  
Old 27-05-2016, 13:07
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Wave summary:
We are still looking for a break above the resistance at 123.12 to confirm that a corrective low was seen at 122.23 and a new impulsive rally to 124.65 and above is developing.
Short-term support is seen at 122.57, which ideally will be able to protect the downside for the break above 123.12. The minor support at 122.57 will be broken, that would call for one more decline closer to the ideal corrective target at 122.12, but at no point a break below 121.46 can be allowed.

Trading recommendation:
We are long from 122.80 with the stop placed at 121.45. If you are not long on the EUR yet, then buy at 122.60 or upon a break above 123.12 and use the same stop at 121.45.




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  #163  
Old 01-06-2016, 19:28
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Wave summary:
Despite an unexpected large decline yesterday, we will let the bullish view have the benefit, as long as the low at 121.46 is able to protect the downside. If our count is correct then this wave [ii] is allowed to correct 100% of wave [i] without invalidating the count. However, wave [ii] can never even break below the starting point of wave [ii] and if it does, we know the count is incorrect and a new count will be necessary.
A short-term break above minor resistance at 123.32 will be needed to confirm that wave [ii] is in place for more upside pressure towards 124.19 and 124.65 on the way towards 126.47.
Important support at 121.46 should be broken to move lower towards the 118.75 - 119.15 area before a possible bottom is expected

Trading recommendation:
Our break-even stop was hit, and we will re-buy the EUR here at 122.37 and place our stop at 121.45. The more conservative approach will be to buy a break above 123.32 and use the same stop at 121.45.




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  #164  
Old 02-06-2016, 23:00
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Technical outlook and chart setups:
Silver is seen to be trading at $15.97 levels for now after bouncing off $15.81 levels yesterday. The metal now seems to have formed an intermediary low at $15.81 levels and is looking to rally from here. Please note that the metal has bounced off the fibonacci support/convergence around $15.80/16.00 levels as depicted here. Also note that the past resistance turned support is also passing through the same region. A bullish turn around from here remains a high probability, and hence the recommendation is to remain long now, with risk below $15.50 levels. Immediate support is seen at $15.80 levels, while resistance is at $16.55 levels respectively.

Trading recommendations:
Remain long, stop below $15.50 levels, target is open.

Good luck!



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  #165  
Old 03-06-2016, 19:44
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The break below important support at 121.46 told us that the corrective decline from 141.06 is not over yet and calls for more downside movement towards the 117.95 - 118.20 area before the long-term correction from 149.56 finally is over. Thus, we really do not feel very comfortable about the downside trend. The very complex decline from 141.06 with lots of overlapping waves is destined to terminate soon and once it does, it could trigger one stop-loss after another and cause a very speedy rally back to 141.06 and above.
In a short-term prospective, it will take a break above minor resistance at 122.60 to indicate that a low is in place, while a break above the resistance line near 124.19 will confirm the bottom and call for a rally towards 127.21 as the first larger hurdle on the way higher.

Trading recommendation:
Our stop at 121.45 was hit for a small loss. We are reluctant to join the downside trend as it seems very limited. Instead we will buy the EUR at 118.25 upon a break above 122.60.




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  #166  
Old 08-06-2016, 15:25
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The top for the possible wave i was made at the level of 122.68 and then the marked did a three wave decline towards the level of 121.34. The low of this decline was labeled as wave ii, so now it is possible to develop another up wave, that will break out above the 122.68 high. The invalidation line for this impulsive scenario is at the level of 120.80.

Trading recommendations:
Swing traders should close all their long-term swing sell orders as the market might be ready to establish a long-term bottom and reverse upwards.




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  #167  
Old 10-06-2016, 08:16
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We have now seen an underthrow below the ending diagonal support line followed by a return back above the support line, which is a strong indication that the ending diagonal terminated at 120.28. We will now be looking for support at the ending diagonal support line near 120.60 for a break above minor resistance at 121.35 as a confirmation that the low is in place and a new strong rally to the ending diagonal resistance is currently at 123.40 and above is developing.

Trading recommendation:
We are long EUR from 120.85 with stop placed at 120.00. If you are not long EUR yet, then buy near 120.60 and use the same stop at 120.00




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  #168  
Old 14-06-2016, 17:54
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The long-term corrective decline from the 149.56 high should terminate near 117.35. At the level of 117.35 wave C will be equal in length to wave A, which is the most common relationship between the two impulsive waves in a zig-zag correction.
A decline in wave C from 141.06 was very difficult to read because of the overlapping waves and a skewed triangle as wave (iv). They resemble ending diagonals as we took it at first, but when support at 120.28 gave away too, this interpretation couldn't be correct.
A break above minor resistance at 120.32 will be a strong indication that the corrective low finally is in place, while a break above resistance at 122.23 is needed to confirm a low and that a new impulsive rally is developing.

Trading recommendation:
Buy the EUR at 117.50 with stop placed at 116.50.




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  #169  
Old 16-06-2016, 13:29
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The equality target between wave C and wave A at 117.35 is currently being tested. There is a cluster of supports in the 116.95 - 117.35 area, which indicates that this support zone should prove strong and most likely will also mark the long-term corrective low for a new impulsive rally that ultimately will take out the former top at 149.56.
In the short term, a break above minor resistance at 118.14 will be the first indication that a long-term low is in place, while a break above resistance at 119.50 will be needed to confirm the long-term low.

Trading recommendation:
We are long in EUR from 117.50 with stop placed at 116.50. If you are not long yet, then consider buying here or waiting for a break above 118.14 and start by using the same stop at 116.50.




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  #170  
Old 17-06-2016, 14:40
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Yesterday's decline extended more than we had expected and the low was not seen before 115.46. But the rally that followed this low, looks very promising. It is clearly a five-wave rally, which indicates that a low is in place and is likely to be a long-term corrective low that we have been looking for.
In a short term, we expect that support in the 116.46 - 116.77 area will be able to protect the downside for the next rally above the minor resistance at 117.48 and more importantly above resistance at 118.10 adding confidence to the low being in place at 115.46.

Trading recommendation:
Our stop at 116.50 was hit, but we will be looking for a new buying opportunity at 116.50 or upon a break above 117.48 with stop placed at 115.40.




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  #171  
Old 21-06-2016, 22:10
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The ongoing rally of the 115.46 low continues to display impulsive characters indicating more upside to come. The deep correction from 119.14 to 117.30 indicates that wave iii will become an extended wave. Therefore we shall be looking for a rally in wave iii towards at least 122.14 and likely even higher towards 123.76 before wave iv will be ready to take over.
Short-term support is seen at 117.78 and will ideal protect the downside for the next rally above 119.14 towards 122.14, but only an unexpected break below 117.30 will be of concern.

Trading recommendation:
We are long EUR from 117.50 and will move the stop higher to 117.25. If you are not long EUR yet, then buy near 117.78 or upon a break above 118.65 and use the same stop at 117.25




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  #172  
Old 23-06-2016, 18:11
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The failure to break above resistance at 119.14 indicates that the correction in wave [ii] wasn't over yet, and wave c of [ii] lower to 117.25 should still be expected. From support near 117.25 or a direct break above resistance at 118.82, the next strong rally higher to 122.14 and above is likely.

Trading recommendation:
We will take profit on our long EUR position from 117.50 here at 118.38 and re-buy EUR at 117.35 or upon a break above 118.82.




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  #173  
Old 24-06-2016, 16:08
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The UK voted itself out of the EU, and risk aversion favored the USD and especially the JPY. We will not say that this was a black swan, but the excessive moves in the JPY certainly weren't a natural outcome from the Brexit.
The strong decline below 115.46 calls for more downside pressure towards the 104.16 - 106.03 area before the long-term correction from 149.56 finally comes to an end.
In the short term, we will be looking for resistance at 115.46. If this resistance breaks, the next resistance will be seen at 117.35 before the price moves lower again.




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  #174  
Old 29-06-2016, 20:17
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
No change in view here. We continue to look for a decline to 107.87 in wave iii, which should be followed by a flat shallow correction in wave iv before the final decline towards 106.03 in wave v. This should finally complete the long-term corrective decline from 149.56 and set the stage for a new impulsive rally.
In the short term, a break below 113.01 will indicate the next decline to 109.50 and then a shallow correction before a move lower to 107.87 to complete wave iii.

Trading recommendation:
Our stop at 113.58 was hit, but we will sell a break below 113.01 with stop placed at 113.95, and take profit will be placed at 108.05.




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  #175  
Old 30-06-2016, 19:07
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The market is trying to develop a clear, corrective, choppy bounce from the lows at the level of 109.55. According to the Elliott Wave Theory, the price is still trying to complete wave (Z) of the overall corrective structure in wave B before the uptrend eventually resumes. The most important level for bulls is the technical resistance at the level of 115.48 as any breakout above this level opens the road towards the wave (X) last top. Currently, the pair is trading below the weekly pivot at the level of 114.13, and more downside is expected as wave (Z) hasn't been completed yet

Trading recommendations:
All sell orders from the last week might be kept open as long as the level of 1.15.48 is not clearly violated. New sell orders should be added between the levels of 113.22 - 114.13.




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  #176  
Old 01-07-2016, 19:23
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave Summary:
Red wave ii has taken more time to go up than we first expected, but a break below the minor support line near 113.65 and a break below support at 113.31 confirm that red wave iii is developing for a decline towards 109.40 before a shallow flat correction expected in red wave iv.
The next major downside target we are looking for is seen at 108.00 as the ideal target for wave iii.

Trading recommendation:
Sell a break below 113.65 with stop placed at 114.80 and take profit at 108.25.




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  #177  
Old 06-07-2016, 18:31
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The triangle downside breakout occurred as anticipated after a small, internal triangle pattern in wave e had been terminated as well. Currently, the market is trading below the weekly pivot and one more low below the level of 109.55 is still being expected. There are no signs of any divergence yet as well.

Trading recommendations:
The sell order should be kept open and SL should be moved to the level of 113.30. The reason for this trade is that there is still one more wave to the downside missing.




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  #178  
Old 08-07-2016, 03:14
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The expected decline towards 108.16 is unfolding nicely. Short term, we expect minor resistance at 112.50 will protect the upside for a break below minor support at 110.92 calling for the next part of the decline towards 108.16.
Once the 108.16 target has been tested a new corrective rally is expected before the final decline to the ideal long term corrective target at 106.03.

Trading recommendation:
Stay short with stop placed at 112.75 securing a porfit no matter what happens. If you are not short EUR yet, then sell near 112.50 using the same stop. Place take profit at 108.25.




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  #179  
Old 13-07-2016, 08:28
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The technical resistance at the level of 115.50 has been broken, and the price has made another higher high at the level of 116.40. According to the main count, this level might be the top for the abc corrective cycle in wave (b), but there is still a chance that the impulsive structure to the upside is in progress after the truncated wave v terminated at the level of 110.83. Moreover, any breakout below the intraday support at the level of 114.77 will likely make the price move lower towards the level of 113.00.

Trading recommendations:
All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.




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  #180  
Old 15-07-2016, 10:56
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General overview
The bearish divergence between the price and momentum oscillator at the top of wave iii and wave v is getting more visible now, and a corrective cycle to the downside is expected. A breakout below the intraday support at the level of 116.42 is needed to confirm the bearish intraday wave progression. The first possible target for wave (ii) or b is at the level of 114.75.

Trading recommendations:
All sell orders from last week should be still kept open as another wave to the downside is anticipated. New sell orders can be opened if the level of 110.83 is violated.




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  #181  
Old 19-07-2016, 15:38
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Wave summary:
The correction in wave [ii] continues to unfold just as we expected, and we will be looking for a break below minor support at 116.30 confirming the next part of the decline in wave [ii] closer to 114.81 to complete wave [ii] and set the stage for the next impulsive rally in wave [iii] towards 120.47 and 122.75 as the next upside targets on the way towards 126.45.
A break above 122.00 is still needed to confirm that a long-term corrective bottom is in place at 109.48.

Trading recommendation:
We will re-buy EUR at 115.00 with stop placed at 113.25.




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  #182  
Old 21-07-2016, 16:35
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Wave summary:
We are still looking for more sideways consolidation in wave [ii]. The correction in wave [ii] turned into a flat correction. Wave [c] is just below the low of wave [a] at 115.41. Next impulsive rally higher towards at least 120.47 and possibly even higher is still expected.
In the short-term, a break below minor support at 117.49 will indicate that wave [c] of [ii] is developing.

Trading recommendation:
We will buy the EUR at 115.55 with stop placed at 114.85




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  #183  
Old 22-07-2016, 14:42
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Wave summary:
We keep looking for one more decline to just below 115.45 to complete wave [ii] and set the stage for the next impulsive rally towards at least 120.47 and, most likely, closer to 122.76.
Short term, a minor triangle consolidation is developing, this should eventually give away towards the downside for the decline to 115.45, from where the next impulsive rally higher is expected.
A break below minor support at 116.48 confirms the decline to 115.45.

Trading recommendation:
Buy EUR at 115.55 with stop placed at 114.85




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  #184  
Old 22-07-2016, 14:44
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Wave summary:
We continue to look for one more spike higher to the ideal 1.5941 target, from where a corrective decline to the low of wave [iv] at 1.5530 is expected before the next impulsive rally higher towards at least 1.6381 and likely even higher to the first extension target at 1.6917.
Short-term support is seen at 1.5636, which ideally will be able to protect the downside for a rally to 1.5941.

Trading recommendation:
We are waiting for a new EUR buying opportunity at 1.5540 with stop placed at 1.5400.




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  #185  
Old 26-07-2016, 12:54
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Wave summary:
The expected corrective decline in wave [ii] picked up speed and broke below support at 114.80 calling for a deeper correction closer to 113.70 (61.8% of wave [i]) and maybe even lower to 112.42 (78.6% of wave [i]).
Short term, resistance is now seen at 115.44, which likely will hold for a decline closer to 113.70.

Trading recommendation:
Look for a buying opportunity near 113.70.




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  #186  
Old 28-07-2016, 20:08
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Wave summary:
The failure to rally above minor resistance at 116.71 has prolong the consolidation in red wave ii and we need to allow for a decline closer to 115.42 before red wave ii finally is complete and red wave iii will be ready to take over for a rally towards 120.02.
To confirm that red wave ii is complete a break above minor resistance at 116.71 and more importantly a break above resistance at 117.15 will be needed.

Trading recommendation:
We are still looking for a buying opportunity at 115.55 with stop placed at 114.40 or upon a break above 117.15.




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  #187  
Old 29-07-2016, 18:53
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Wave summary:
Disappointment over BoJ easing measures has morphed the correction in wave [ii] into a more complex structure. Short term, one more decline closer to the 61.8% corrective target at 113.70 could be seen before the correction in wave [ii] finally comes to rest and a new impulsive rally higher towards important resistance at 122.00 is seen.

Trading recommendation:
Our stop at 114.40 was hit, but we will buy EUR again at 113.85 or upon a break above 116.92 with stop place at 113.20.




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  #188  
Old 02-08-2016, 23:26
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Wave summary:
Our preferred count shows that the corrective low of wave [ii] was seen at 113.85 and a new strong impulsive rally higher towards 126.00 is about to take off. Short term a break above minor resistance at 115.31 will be the first strong indication that wave [ii] is complete and wave [iii] is developing, while a break above 116.92 will confirm the rally higher towards 126.00 in wave [iii].
As long as minor resistance at 115.31 is able to protect the upside, we need to allow for a move slightly lower in wave [ii], but do not expect more that 113.70.

Trading recommendation:
We are long EUR from 113.85 with stop placed at 113.20. If you are not long EUR yet, then buy near 113.70 or upon a break above 115.31 and use the same stop at 113.20




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  #189  
Old 04-08-2016, 06:07
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Wave summary:
The corrective decline from 118.40 continues to press lower and is currently testing the support line from the 109.48 low. This support should ideally be able to protect the downside for a break above minor resistance at 114.81 being the first strong indication that the corrective decline is complete and a new impulsive rally to above 118.40 is unfolding.
If, however support near 112.95 gives away, that will be of concern and question whether the rally from 109.48 is only a three-wave corrective rally and low at 109.48 will be revisited.

Trading recommendation:
Our stop at 113.20 was hit and we will wait for a break above minor resistance at 114.81 before buying again.




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  #190  
Old 05-08-2016, 07:43
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The market trades in very narrow range as the Elliott wave count has evolved into an abc-x-abc-x-abc triple three complex corrective cycle.The current low at the level of 113.01 might be the bottom for wave b green, but confirmation comes with the level of 113.93 break out. Please notice the bullish divergence between the price and momentum oscillator supports the bullish outlook.

General overview
The market trades in very narrow range as the Elliott wave count has evolved into an abc-x-abc-x-abc triple three complex corrective cycle.The current low at the level of 113.01 might be the bottom for wave b green, but confirmation comes with the level of 113.93 break out. Please notice the bullish divergence between the price and momentum oscillator supports the bullish outlook.




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  #191  
Old 09-08-2016, 07:32
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Wave summary:
It is not yet overly convincing that we are off the 112.31 level, but as long as the support at 112.31 is able to protect the downside, we will give the bullish outlook the benefit of the doubt and look for more upside pressure towards 114.81 as the next important resistance.
Short term, support is seen near 113.00 that ideally will protect the downside for the next rally higher to 114.81 and above

Trading recommendation:

We are long from 113.27 with stop placed at 112.27. If you are not long EUR yet, then buy near 113.00 or upon a break above 113.62 and use the same stop at 112.27.




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  #192  
Old 11-08-2016, 07:52
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Wave summary:
We are still looking for a clear break above minor resistance at 113.76 and more importantly a break above resistance at 114.81 to support our assumption that wave [ii] completed at 112.28.
However, as long as long as minor support at 113.76 stays untouched, we have to accept the possibility of more downside pressure, but at no point can a break below important support at 110.79 be accepted under this count. If a break below 110.79 is seen, then the corrective decline from 149.56 is reinstated for a continuation lower to 106.03.

Trading recommendation:
We are long EUR from 113.27 with stop placed at 112.27. If you are not long EUR yet, then buy a break above 113.82 and place your stop at 112.70.




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  #193  
Old 12-08-2016, 07:54
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Wave summary:
The rally from the 112.67 low does look constructive and call for more upside pressure after a minor correction to 113.32. Once this minor correction is complete a strong rally past minor resistance at 114.17 is expected for a continuation higher to at least 115.02 and possibly even higher towards 116.50.
At this point we will be concerned if the ongoing rally failed to break above 114.17 as that will indicate that the rally of the 112.58 low only is corrective in nature and will call for a new decline to below 112.58.

Trading recommendation:
We remain long from 113.27 and will move our stop higher to 112.60. If you are not long EUR yet, then buy near 113.32 or upon a break above 113.80 and use the same stop at 112.60.




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  #194  
Old 16-08-2016, 17:38
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Wave summary:
Have we just seen one of those nasty deep wave two corrections here? If YES! Then a break above minor resistance at 113.30 and more importantly a break above 114.03 should be seen soon for upside acceleration towards 118.47 and 122.00.
Only a clear break below support at 112.28 and more importantly below 110.79 will invalidate the possible bullish outlook and call for a decline to 106.03 before higher.

Trading recommendation:

Our stop at 112.60 was hit. We will only re-buy EUR if resistance at 113.30 is broken with stop placed at 112.25.




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  #195  
Old 18-08-2016, 13:35
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Still no resolution here. We are currently locked inside a minor consolidation area between 112.28 - 114.03. Whatever way the break is seen out of this consolidation, will determine next 175 pip move. We slightly favor the upside, but the odds for a possible move closer to 110.79 is close to fifty-fifty. Only a break below 110.79 will call for more downside towards 109.48 and likely even closer to 106.03 before the long term corrective low finally is in place here.

Trading recommendation:
Stop at 112.75 was hit for a small loss. We will only buy a break above 114.03 with stop at 112.20.




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  #196  
Old 19-08-2016, 14:33
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
The resistance-line from 118.47 has clearly been broken, but as no upside acceleration has been seen, we stay only cautious bullish and wait for a clear break above resistance at 114.03 that should release the energy for upside acceleration towards 118.47 and 122.00 as the next important upside targets.
That said, we have to be aware of the possibility of renewed downside pressure towards 112.28 and maybe even closer to 110.79, but not below here, as long as resistance at 114.03 holds firm.

Trading recommendation:
We will only buy in case of a break above 114.03 with stop placed at 112.20.




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  #197  
Old 23-08-2016, 20:31
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Not much has changed since yesterday as the market is still trading in low volatility mode during the late August. The horizontal corrective cycle is still in progress, but there is a possibility that the bottom for the wave ii has been established at the level of 112.40. The wave progression looks choppy and full of whipsaws and the most important resistance at the level of 114.02 still hasn't been violated yet. Nevertheless, the market is still trading above all intraday moving averages, above the weekly pivot and above the golden trend line, so the break out to the upside might happen any time soon.

Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL below the level of 112.30 and TP at the level of 114.00.




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  #198  
Old 25-08-2016, 01:25
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
As we have been trading within a 50 pip range over the last week, there is absolutely nothing new to add here. We remains slightly bullish for a break above 114.03, but until a break is confirmed, we must allow for more consolidation with the 112.28 - 114.03 range.
A break above 114.03 will call for a new rally to 118.46 and above.

Trading recommendation:
We will buy a break above 114.03 with stop placed at 112.20.




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  #199  
Old 26-08-2016, 17:39
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
There really is not anything new to add here.
We remain lock in a very narrow range between 112.28 and 114.03. We slightly favor a break towards the upside for a rally to 118.70 and 122.00 as the next upside targets. Only time will tell, what way we are going to break.

Trading recommendation:
We will only buy a break above 114.03 with stop placed at 112.20.




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  #200  
Old 30-08-2016, 20:21
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The top of the wave (iii) has been established at the level of 114.67 and now the market is in the corrective cycle labeled as wave (iv). The most important level for the current Elliott wave count is the top of the wave (i) at 113.58. Any violation of this level would immediately invalidate the current wave development and cause a more complex and time-consuming corrective pattern to emerge.

Trading recommendations:
All buy orders recommended previous week should now move their SL to the level of 113.55 and leave TP still open. One more wave up is still being expected.




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