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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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