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Daily technical analysis of EUR/JPY By INSTAFOREX

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  #321  
Old 07-09-2017, 15:36
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Wave ii completed at 129.36, just above the ideal corrective target at 129.12. We are now looking for wave iii higher towards 134.80 on the way higher to the ideal wave D target at 137.36.
Support is now seen at 129.81 which should protect the downside for the next rally higher to 131.35 and 131.71 on the way higher to 134.80.

Trading recommendation:
We are long EUR from 130.10. Stop will be placed at 129.25. Take profit will be placed at 137.15.




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  #322  
Old 09-09-2017, 10:40
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to look higher towards the ideal wave (D) target at 137.36 to complete the triple zig-zag correction from 109.48 and set the stage for the final decline within the triangle towards 117.17 as the ideal target for wave (E) and the triangle consolidation in wave [B].
Short-term, we expect the support at 129.35 will be able to protect the downside for the next rally higher towards the 137.36 target.

Trading recommendation:
We are long EUR from 130.10 with stop placed at 129.25 and take profit is placed at 137.15.




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  #323  
Old 15-09-2017, 17:53
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to look for more upside pressure towards 134.80 and 137.36 as long as minor support at 130.55 and more importantly as long as support at 129.35 is able to protect the downside. Short-term a break above minor resistance at 131.76 confirms renewed strength for the next rally higher towards 134.80.

Trading recommendation:
Our stop at 130.65 was hit for a small profit. We are looking to buy EUR again upon a break above 131.76 with stop placed at 130.50.




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  #324  
Old 15-09-2017, 18:00
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
As long as support at 129.35 is able to protect the downside, as long will we be looking for more upside pressure towards 134.80 and ideally a continuation higher to the ideal wave (D) target at 137.36. Only an unexpected break below support at 129.35 will indicate that wave (D) has completed early and wave (E) already is developing.

Trading recommendation:
We are long EUR from 130.10 with stop placed at 130.65. Take profit is placed at 137.15.




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  #325  
Old 22-09-2017, 15:03
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY is fighting to maintain the rally in wave D intact, but obviously it's becoming quite a struggle. However, as long as minor support at 133.24 is holding firm, the uptrend remains firmly in place for a possible push higher to 134.80 and 136.14 on the way towards the ideal wave D target at 137.36.
If however support at 133.24 is broken, that will weaken the uptrend and call for a decline to at least 132.00, before the possibility of a new rally higher.

Trading recommendation:
We are long EUR from 131.76. We will lift our stop to 133.15. We will take half profit at 134.80.




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  #326  
Old 04-10-2017, 18:51
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

EUR/JPY has been quite volatile recently after bouncing off the 134.40 resistance level. The bullish trend was quite impressive before the price countered with bearish intervention to push the price lower. Today, a series of economic reports was published in the eurozone which helped the currency to gain consistent momentum over JPY throughout the day. Today, Spanish Services PMI report was published with an increased figure at 56.7 from the previous figure of 56.0 which was expected to be at 55.5, Italian Services PMI report was published with a decrease to 53.2 from the previous figure of 55.1 which was expected to be at 54.8, French Final Services PMI was published with a slight decrease to 57.0 which was expected to be unchanged at 57.1, German Final Services PMI report was published as expected with an unchanged figure at 55.6, and the eurozone's Final Services PMI report was published with a slight increase to 55.8 which was expected to be unchanged at 55.6.

Now let us look at the technical chart. The price is currently residing inside a tight corrective range which is expected to break higher towards 134.40 resistance level again. After the bearish impulsive pressure, the price seems to get some barriers to proceed much downward which is indicating that the strength of bears is not quite strong to push the price much lower. As the price remains above the dynamic level of 20 EMA and 131.40 support level, the bullish bias is expected to continue further.




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  #327  
Old 06-10-2017, 16:38
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We have seen the expected break below support at 132.16, that confirms more downside pressure towards at least 130.37 and possibly even directly lower. We are currently in wave (E) of a huge triangle consolidation dating back to July 2008 and this (E) has a lot more room to cover to the downside. Ideally, it will complete near 117.72, but then we have to be aware that (E)-waves can be sub-normal and end prematurely.

Trading recommendation:
We are short EUR from 133.00. We will move our stop lower to 132.85. If you are not short EUR yet, then sell near 132.20 or upon a break below 131.81 for a decline to 130.37.




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  #328  
Old 06-10-2017, 16:44
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Wave summary:
With resistance at 1.6451 cleared, we are looking for upside acceleration towards 1.6690 and 1.6850 as the next upside targets. The former resistance at 1.6451 has now shifted to being support and backup support is seen just below at 1.6402, which should be able to protect the downside.

Trading recommendation:
We are long EUR from 1.6365 and will raise our stop to break-even. If you are not long EUR yet, then buy near 1.6451 and use the same stop at 1.6365.




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  #329  
Old 12-10-2017, 18:34
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/NZD continues to rally nicely and as expected. We expect minor support at 1.6648 will be able to protect the downside for the next rally higher to 1.6824 that should complete red wave iii/ and set the stage for a shallow sideways consolidation in red wave iv/ before moving higher towards 1.7005 in red wave v/.

Trading recommendation:
We are long EUR from 1.6365 and will move our stop higher to 1.6600.




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  #330  
Old 13-10-2017, 13:50
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to look for more downside pressure towards at least 130.73 and possibly deeper. A break below minor support at 132.43 will confirm the expected decline in wave C to at least 130.73.
Short-term minor resistance is seen at 133.12, which ideally will cap the upside for the break below 132.43.

Trading recommendation:
We are short EUR from 132.65 with stop placed at 134.45. If you are not short EUR yet, then sell near 133.12 and use the same stop at 134.45.




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  #331  
Old 20-10-2017, 13:53
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY took out resistance at 133.44 indicating that wave (D) higher still is developing for a move closer to the original target at 137.37 before wave (E) takes over. Support is now seen at 132.90 and again at 132.46 that should protect the downside for the expected rally higher towards 137.37 to completed wave (D) of the year-long triangle consolidation.

Trading recommendation:
Our EUR short position from 133.35 was stopped out at 133.55 for a 20 pip loss and reversal of the position to being long EUR at 133.55. Our stop will be placed at 132.85




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  #332  
Old 27-10-2017, 19:50
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
As long as minor short-term important support at 131.64 is able to protect the downside, we will be looking for more upside towards 137.37 to complete wave (D) and set the stage for a final decline in wave (E) towards 123.43. If, however, a direct break below 131.64 is seen that will indicate that wave (D) already completed the test of 134.49 and wave (E) is developing.

Trading recommendation:
Our stop at 133.65 was hit for a small profit. We will buy EUR again at 132.30 with stop+reverse at 131.60




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  #333  
Old 02-11-2017, 04:13
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY has failed to break clearly below important support at 131.60, which tells us, that a larger correction into the 132.96 - 133.32 area is developing before renewed downside pressure should be expected.
To confirm that wave (D) has completed, we still need a firm break below support at 131.60, that will confirm wave (E) towards 123.43 is developing.

Trading recommendation:
Our stop at 132.00 was hit for a 40 pips loss. We will sell EUR again at 133.20 with stop at 134.55




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  #334  
Old 02-11-2017, 22:46
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY is testing the lower part of the expected target-area for wave ii between 132.96 - 133.33 from where the next impulsive decline is expected towards 128.36 in wave iii. A break below support at 131.60 will confirm that wave (D) has completed and wave (E) is developing towards 123.43.
To keep wave (D) alive a break above 134.49 will be needed, which will call for a spike closer to 137.37 before turning lower in wave (E).

Trading recommendation:
We will sell EUR at 133.20 with stop placed at 134.55 or upon a break below support at 132.29.




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  #335  
Old 08-11-2017, 16:09
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We need a break below important support at 131.60 to confirm that wave (D) completed with the test of 134.49 and wave (E) lower to 123.43 is developing. As long as the support at 131.60 is able to protect the downside, we need to allow for a sideways consolidation, that ideally will stay below minor resistance at 132.73 and more importantly below resistance at 133.12 for the next swing lower.

Trading recommendation:
We sold EUR at 132.59 and will move our stop lower to break-even at 132.59.




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  #336  
Old 10-11-2017, 12:49
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Our expectation of a more complex wave ii correction seems to be well founded. We are looking for wave c of me to move higher to 133.15 before completing wave ii and turning prices lower in wave iii towards 128.36 and below.
Our preferred count remains, that wave (D) completed with the test of 134.49 and wave (E) lower to 123.45 now is developing.

Trading recommendation:
We are short EUR from 132.59 with stop placed at 132.30. If this stop is hit, we will sell EUR again at 133.10.




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  #337  
Old 16-11-2017, 21:00
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Wave ii most likely completed with the test of 133.89 and a new impulsive decline to below 131.60 is now expected. A firm break below support at 131.60 will confirm continuation lower to 128.36 and 123.43 in wave (E).
Under this count resistance at 134.50 must cap the upside for a break below 131.88 and more importantly below 131.60. As a break above 134.50 will reinstate the "old" wave (D) target at 137.37.

Trading recommendation:
We sold EUR at 133.10 with stop placed at 134.55




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  #338  
Old 24-11-2017, 01:35
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to look for a clear break below support at 131.14 to confirm that wave (D) has completed and wave (E) lower to the ideal target near 123.43 is developing. Short-term we could see a minor pop to minor resistance near 132.75 before turning lower again.

Trading recommendation:
We are short EUR from 133.10 with stop placed at break-even.




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  #339  
Old 24-11-2017, 14:03
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY continues to hover just above the short-term important support at 131.14. We need a break below this level to get things going towards the downside and confirm that wave (D) was completed with the test of 134.50 and wave (E) lower towards the ideal downside target near 123.43 is developing.
In the short term we could see another minor pop to 132.47 or just above, but it should just be a matter of time before the important support at 131.14 is challenged again.

Trading recommendation:
We are short EUR from 133.10 with our stop placed at break-even.




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  #340  
Old 28-11-2017, 17:32
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Our preferred count remains bearish for a decline towards the ideal target at 123.43 in wave (E). The decline from 134.50 to 131.42 is counted as minor wave i and the following rally to 133.89 as wave ii. Wave iii is currently developing and should take us lower to at least 128.91 on the way lower to the ideal (E) wave target.
Short-term a break below minor support at 132.06 will add downside pressure, while a break below 131.14 will confirm the decline to 128.91.

Trading recommendation:
We we missed our EUR selling with just 1 pip yesterday, we will sell EUR again either at 132.45 or upon a break below 132.05.




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  #341  
Old 30-11-2017, 20:26
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY has bounced back and is again trading near resistance at 133.24. A clear break above this resistance, will call for a new rally closer to 133.71 before renewed downside pressure should be expected. The top at 134.50 should remain safe.
Only a direct break below minor support at 132.78 we add renewed downside pressure towards 131.14 and below.

Trading recommendation:
We are short EUR from 132.55 with stop placed at 133.35.




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  #342  
Old 01-12-2017, 17:23
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Wave summary:
EUR/JPY continues to push higher and the break above 133.23 now questions, whether wave (D) did complete at 134.50 or wave (D) still is in motion higher towards 137.37 before completing?
As long as resistance at 134.50 is able to cap the upside, we will continue to favor the count that sees the wave (D) as complete and wave (E) lower to 123.43 developing. Under this count, a break below 133.75 will be the first indication that a new decline should be expected.
If, however, resistance at 134.50 is broken, we will look for a final spike higher to 137.37 to complete wave (D).

Trading recommendation:
We will buy a break above 134.50 with a stop placed at 133.70 or sell a break below 133.75 with our stop placed at 134.55, whatever I will see first.




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  #343  
Old 07-12-2017, 22:27
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to look for resistance near 133.22 for more downside pressure towards 132.31 and the important support at 131.14, which needs to be broken to confirm wave (D) peaked with the test of 134.50 and wave (E) lower to the ideal target at 123.43 is developing.

Trading recommendation:
We are short EUR from 133.75 with stop placed at break-even.




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  #344  
Old 07-12-2017, 22:29
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

GBP/JPY is expected to trade with a bullish outlook as the key support holds at 150.10. The pair is standing firmly above its horizontal support at 150.10, which should limit any downward attempts. The relative strength index is mixed to bullish, calling for caution. Therefore, the pair is more likely to trade sideways within the range between 150.10 and 151.85.
A technical rebound is expected towards 151.85, as long as 150.10 is not broken.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 150.10 with the target at 149.70

Strategy: BUY, Stop Loss: 150.10, Take Profit: 151.85
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 151.85, 152.40, and 153
Support levels: 149.70, 149.15, and 148.30




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  #345  
Old 12-12-2017, 11:49
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Wave summary:
The minor rally from 132.21 looks exhausted, but we need a break below minor support at 133.41 to confirm that a top is in place for renewed downside pressure towards 132.21 towards strong support at 131.14, that needs to be broken to confirm wave (D) completed with the test of 134.50 and wave (E) now is developing towards 123.43.
As long as minor support at 133.41 is able to protect the downside a final spike close to 134.05 can not be excluded, before turning lower again.

Trading recommendation:
We will sell EUR at 134.00 or upon a break below 133.41 with stop placed at 134.60.




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  #346  
Old 14-12-2017, 16:52
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Wave summary:
EUR/JPY is trying to push prices lower, but it is a harder fight than expected. None the less, we continue to look for more downside pressure and a break below minor support at 132.81 that will call for a decline to 132.21 and lower to important support at 131.14. A break below this later support is needed to confirm that wave (D) completed at 134.50 and wave (E) lower to the ideal target at 123.43 is developing.
Resistance is now seen at 133.62 and should be able to cap the upside, but only a break above resistance at 133.89 will be of concern.

Trading recommendation:
We are short EUR from 133.40 with stop placed at 133.95.




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  #347  
Old 15-12-2017, 14:39
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Wave summary:
EUR/JPY has broken below support at 132.81 as expected and should now continue to move lower towards important support seen at 131.14. This support still needs to be broken to confirm that wave (D) indeed completed with the test of 134.50 and wave (E) lower is developing for a decline towards the ideal target seen at 123.43.
Short-term resistance is now seen at 132.81.

Trading recommendation:
We are short EUR from 133.40. We will move our stop lower to 133.80.




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  #348  
Old 19-12-2017, 20:18
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Wave summary:
EUR/JPY is back testing the broken minor support-line, which now acts as resistance. This former support, now resistance, is expected to cap the upside for more downside pressure towards the pivot point at 131.14, which needs to be broken to confirm that wave (D) completed at 134.50 and wave (E) now is developing towards the ideal target seen at 123.43.
Short-term a break below minor support at 132.10 confirms more downside pressure towards 131.14.

Trading recommendation:
We are short EUR from 133.40 with stop placed at 133.80.




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  #349  
Old 22-12-2017, 15:39
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Wave summary:
With the break above 134.50, more upside pressure towards the "old" (D)-wave target at 137.37 is expected. That said, we have to remember that we are in the final stages of this (D)-wave rally from 109.54, so don't fall in love with the EUR at these lofty levels.
Support is seen at 133.84 (has been tested) and again at 133.57, which should protect the downside for the next rally higher. Below 133.57 will be of concern and indicate a possible bull-trap above 134.50.

Trading recommendation:
We bought EUR at 134.10 with stop placed at 133.40.




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  #350  
Old 27-12-2017, 18:30
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Wave summary:
EUR/JPY has barely moved into a dull holiday Market. We continue to look for a final spike higher to 137.37 to complete wave (D) as long as minor support seen at 133.57 is able to protect the downside. From 137.37 or upon a direct break below 133.57 renewed downside pressure towards 131.14 is expected on the way towards the ideal (E)-wave target seen at 123.43.

Trading recommendation:
We are long EUR from 134.10 with stop+reverse at 133.55.




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  #351  
Old 28-12-2017, 19:48
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Wave summary:
EUR/JPY has seen a new high above 134.88 and more upside will remain expected as long as support at 134.17 is able to support EUR/JPY. The break above resistance seen at 134.50 calls for a possible move higher to 137.37 to complete wave (D) and set the stage for a final decline in wave (E) towards 123.43.
A direct break below 134.17 will indicate a top already is in place and the break above 134.50 was a bull-trap.

Trading recommendation:
We are long EUR from 134.10 and we will move our stop+revers higher to 134.10.




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  #352  
Old 29-12-2017, 18:32
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Wave summary:
Here is the final update in 2017 and we continue to look for a final spike higher to 137.37 to complete wave (D) and set the stage for wave (E) lower towards the ideal target at 123.43.
The trading action since before Christmas has been very dull and nothing much is expected from this last trading day for 2017.

Trading recommendation:
We are long EUR from 134.10 with stop + reverse at 134.10.




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  #353  
Old 03-01-2018, 21:32
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
EUR/JPY will remain positive above minor support seen at 134.84 for more upside pressure towards 137.37 to complete wave (D). A break below support at 134.84 will be the first warning of possible exhaustion, while a break below support at 134.26 will confirm that wave (D) is completed and wave (E) towards 123.43 is now developing.

Trading recommendation:
We are long on EUR from 134.10 with stop placed at 134.75. We will also revers our bought position to a sell EUR position at 134.75.




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  #354  
Old 05-01-2018, 20:06
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Wave summary:
The lack of upside acceleration is of concern. It could just be a delay of the expected rally through resistance at 1.7064 for more upside pressure towards 1.7777. However, it could be a warning of upside exhaustion and that a deeper corrective pullback is needed. If this is the case, then support at 1.6805 will be broken soon for a decline towards 1.6140.

Trading recommendation:
Our stop at 1.6850 has been hit for a small loss of 23 pips. We will place a buy order at 1.6985 and a sell order at 1.6795




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  #355  
Old 10-01-2018, 04:54
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Wave summary:
EUR/JPY peaked at 136.64, just below the expected 137.37 target. The decline from 136.64 does look constructive and confirm our view that wave (D) was close to completion and wave (E) ready to take over for a decline towards 123.43.
Short-term the decline from 136.64 already look a bit stretched and a short-term snap-back close to 135.48 should not come as a surprise before renewed downside pressure is seen.

Trading recommendation:
Our stop+revers at 134.75 has been hit. This mean we booked a minor profit of 65 pips. Our new stop will be placed at 135.65.




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  #356  
Old 11-01-2018, 05:13
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Wave summary:
The decline from 136.64 has been strong and the pair is already testing the support at 133.89. A clear break below here will point lower to 132.21 as the next downside target. EUR/JPY will move lower as long as it stays below 134.58, while a break above this minor resistance will indicate that a corrective rally above 135.49 is developing, before declining again.
In the longer term, we are looking for the wave (E) lower to 123.43 to develop and complete the triangle consolidation, that has been developing since July 2008.

Trading recommendation:
We are short on EUR from 134.75. We will take half profit at 134.09 and a nice little 67 pips profit and lower our stop to 134.60 on the other half.




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  #357  
Old 16-01-2018, 17:09
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
We continue to regard the rally from 133.01 as corrective and is looking for a break below minor support at 135.36 and more importantly a break below support at 135.00 as confirmation that this correction has completed and a new decline 131.11 is developing.
At no point should a break above 136.64 be seen under this count.

Trading recommendation:
We are short EUR from 134.75 with our stop placed at 136.75. Upon a break below 135.00 we will lower our stop to 136.15.




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  #358  
Old 18-01-2018, 15:14
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary
We see no reason to change our expectation of a resistance at 136.10 being able to cap the upside for a break below support at 135.00 for a decline to 131.11, from where a new corrective rally is expected.
short-term a break below minor support seen at 135.42 will indicate more downside pressure, but only a break below the pivot point at 135.25 will open up the downside.

Trading recommendation:
We are short EUR from 134.74 with stop placed at 136.75.




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Old 19-01-2018, 11:34
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Default Re: Daily technical analysis of EUR/JPY By INSTAFOREX

Wave summary:
Of course the "top" at 136.10 needed to be broken slightly, the new corrective top has been seen at 136.31. This should do the job and complete the corrective rally from 133.01 and turn prices lower towards 131.11 as the next downside target.
Short-term a break below minor support at 135.42 will indicate wave B has completed and wave C lower is developing.

We are short EUR from 134.74 with stop placed at 136.75.




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