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#1
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Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
The correction from 136.96 is unfolding as an impulsive (5 waves) decline. That means the correction must be a simple zigzag correction. In the short term, we are looking for a break below minor support at 134.32 confirming the next decline lower to 133.27 and even lower to the 38.2% corrective target at 132.79. To indicate that this correction is over a break above 135.77 will be needed. The correction in wave (ii) is over and a new strong rally is expected in wave (iii). Trading recommendation: We sold EUR upon the break below 135.29 and are short from 135.27. We will move our stop lower to 135.65. Upon a break below support at 134.32, we will move our stop lower to 10 pips above the latest minor top. |
#2
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
The correction in wave (ii) is unfolding as expected. In the short term, we will be looking for a break below the minor support at 134.31 confirming a new test and a possible break below the support at 133.91 for a continuation lower to the 137.97 - 133.08 target zone. Once this correction is over, a new strong rally higher to at least the 149.55 top, and possibly much higher in the longer term, will take place. Trading recommendation: We are short EUR from 135.27 with stop placed at 134.88. We will place take profit at 133.25. |
#3
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
The count had been slightly changed to incorporate a sooner-than-expected wave (i) green termination and to label the latest upward rally as a three wave corrective structure. Please notice that as long as the red line at the level of 133.09 is not clearly violated, there is still a possibility that the last wave up is only a part of a larger corrective structure. This would mean, the dynamic support provided by the golden trendline might be violated to make wave b green. However, the market can go up again to complete the wave c of the overall larger corrective structure. As long as no new swing high is made above the level of 136.95, the bias is bearish and new lows are expected on this market. Trading recommendations: As long as the level of 135.29 is providing resistance, daytraders should consider opening sell orders from the current levels with SL just above the level of 135.31 and TP at the level of 133.90, with a possible extension lower down to the level of 133.45 and beyond. |
#4
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
The correction in wave (ii) from 136.96 continues to unfold as we expected. Wave c of (ii) is currently unfolding towards the target area of 132.79 - 133.08, this area could terminate the correction in wave (ii), but we don't yet have any signs of a possible bottom being in place. In the short term, we expect minor resistance at 133.83 to protect the upside for the continuation lower to 133.08 and likely even closer to 132.79 before a possible bottom is in place. Trading recommendation: We are looking for a EUR-buying opportunity near 132.79, but will wait for a more proper buying signal. [IMG]www.instaforex.com[/IMG]
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#5
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We saw a minor wavefive rally from a low of 133.07, which tells us that the correction in wave (ii) is over and wave (iii) higher towards at least 144.03 and more likely to 150.77 is developing. In the short term, we will ideally see the 61.8% corrective target of blue wave i at 133.62 protecting the downside for a break above minor resistance at 134.11 and more importantly a break above 134.52 confirming wave (iii) higher is developing. As long as minor resistance at 134.18 is able to protect the upside, we must allow more deeper correction in blue wave ii, but at no point a break below 133.07 can be allowed or this count will be invalidated. Trading recommendation: We will buy EUR at 133.50 or upon a break above 134.18 (one order done cancels the other) stop will be placed at 133.00 |
#6
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
The rally of a low of 133.07 continues to unfold impulsively. In the short term, we will ideally see minor support at 135.43 protecting the downside for a continuation higher to 136.50 and even 137.17 before a correction of the first impulsive cycle, which is expected. Even if the minor support at 135.43 gets broken, back-up support is found just below at 135.11, which should be able to protect the downside for the next move higher. Trading recommendation: We are long EUR from 134.20. Will move our stop higher to 134.65. If you are not long EUR yet, then buy near 135.43 with the same stop at 134.65. Take profit should be placed at 137.00 in both cases. |
#7
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We saw an anticipated correction in blue wave iv yesterday. It moved a little lower than we expected and tested support at 135.10 before moving higher in blue wave v. We have already seen a new high for the rally of the 133.07 low. Now, we can count five waves in the first small impulsive rally in wave (iii). We would like to see blue wave v moving higher to just above 136.96 to end red wave i and set the stage for a correction in red wave ii to 135.10 as the first downside target. In the longer term, we are looking for a much larger rally with 144.03 as the first upside target, where wave (iii) will be equal in length to wave (i). However, as wave (ii) showed an expanded flat correction, we should expect extension in wave (iii). That would call for a continuation higher to 150.77 as the first extension target, where wave (iii) will be 161.8% of the length of wave (i). Trading recommendation: Our stop at 135.25 was hit and we booked a nice profit. We will look for a new EUR buying opportunity near 133.25. |
#8
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
The rally has been much stronger than we expected and we have changed our short-term count as the structure did not support our previous short-term forecast. This new count is more bullish and indicates that red wave iii is already developing. If this count is correct, the base-channel resistance line near 139.55 should be broken to the upside soon. We expect acceleration towards the first target at 144.03. A large inverse S/H/S bottom has been triggered. It calls for a continuation higher towards 144.03. Short-term support is found at 137.80 now. Trading recommendation: With this new much more bullish short-term count, we will buy EUR at 136.75 with a stop at 135.00. |
#9
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
A strong wave (iii) rally of a low at 133.07 low just keeps powering ahead and is currently testing the base-channel resistance line. We do expect this resistance line to be broken for acceleration higher towards at least 144.03, but we are not sure that the first test will be successful and will look for a small correction towards 138.03 and maybe slightly lower to the inverse S/H/S neckline at 137.00 before the next strong rally higher. In the short term, a break below 139.76 indicates that minor correction is unfolding as anticipated. As tempting as it might be, don't sell EUR ahead of the correction. We are in wave three and correction tends to be small or even sub-normal. Trading recommendation: We are looking for a EUR-buying opportunity. We will buy EUR at 138.15. Last edited by InstaForex; 04-06-2015 at 21:05. |
#10
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
The base channel resistance line has caused a minor correction. We would like to see a slightly deeper correction from 141.06, but we also know that the correction in the third wave tends to be small or even sub-normal. So, we do not expect too much before the next successful break takes place above the base channel resistance line for a continuation higher to 144.03 on the way higher to 150.77. Ideally, we will see a correction down to 138.03 before higher. Trading recommendation: We will buy EUR at 138.15 or upon a break above resistance at 140.92 with a stop placed at 136.25 |
#11
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview for 08/06/2015 08:30 CET
As anticipated last Friday, the market went down to develop another wave, labeled as wave c green on the chart. Currently, the market is testing the weekly pivot zone at the level of 138.71 and this level might be a target for the wave c green. The second target might be inside the supply breakthrough zone between the levels of 138.03 - 138.32. Please notice that the market is still trading inside of a bullish zone and any breakout higher would mean that labeling will be changed to alternative. Trading recommendations: Daytraders should consider opening sell orders from current price levels with SL above the level of 139.83 and TP at the level of 138.71. |
#12
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
A correction from 141.06 was very small, which is not that uncommon during wave three corrections. We will be looking for a clear break above the base channel resistance-line near 140.75 confirming acceleration higher towards 144.03 as the first minor upside target. However, an extension of wave (iii) should be expected and that would call for a continuation higher towards 150.77 as the first extension target. Short-term support is found at 140.27 and 139.85, which will ideally protect the downside for a clear break above 141.06. The risk is that some kind of flat correction is unfolding, but consolidation at 141.06 should remain rather small. Trading recommendation: We are long EUR from 140.55 and will place stop at 138.75. If you are no long EUR yet, then buy EUR near 140.27 or upon a break above 141.06 and use the same stop at 138.75 for now. |
#13
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
As long as minor resistance at 139.77 protects the upside, a test of a corrective target at 138.03 is in play. From 138.03 or upon a break above minor resistance at 139.77, we expect a new impulsive rally in red wave iii/ past the 141.06 top for a continuation higher to 144.03 on the way towards 150.77. Only a break below support at 135.10 will indicate that the hole rally from 126.05 has been no more than a correction and renewed downside pressure should be expected. We think this alternate count will be correct, but it will give us an idea to where our preferred count will be proven wrong. Trading recommendation: We will buy EUR at 138.10 or upon a break above 139.77 our stop will be place at 137.00 |
#14
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
A correction in red wave ii/ is still unfolding and as long as minor resistance at 139.61 protects the upside. We will be looking for a final decline closer to 138.03 to end red wave ii/ and set the stage for a strong rally in red wave iii/ higher to 144.03 on the way towards 150.77. It will take an unexpected break below support at 135.10 to invalidate more upside pressure and indicate that the rally from 126.05 only was a correction, but this is clearly not the preferred count. Trading recommendation: We will buy EUR at 138.10 or upon a break above 139.61. The stop should be placed at 137.00 |
#15
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We are still looking for a break above minor resistance at 139.61 as confirmation that the correction in blue wave ii is over and blue wave iii is ready to accelerate higher to 141.04 on the way towards 144.03. In the short term, we expect minor support at 138.58 to protect the downside for a break above 139.61. Trading recommendation: We are long EUR from 138.10 with stop placed at 137.85. If you are not long EUR yet, then buy near 138.58 or upon a break above 139.61 with the same stop at 137.85 |
#16
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
As anticipated yesterday the reversal zone provided the resistance and the price reversed to the downside to make wave a purple. Currently, the supply breakthrough zone between the levels of 137.98 and 138.30 is still the most important support zone. When this support is violated, the next one is technical support at the level of 136.95. On the other hand, only a sustained breakout above the level of 140.01 would invalidate this view. Trading recommendations: Daytraders should consider opening another sell orders from current price levels with SL above the level of 140.01 and TP at the level of 138.00 with possible extension downwards to the level of 136.95. |
#17
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We have seen a breakout above 140.00, but not yet an acceleration higher in blue wave iii. We will look for support at 139.36 for the next rally towards 141.06 and through this resistance for a continuation higher to 144.03. In the long-term, we are looking for even more upside towards 149.55 and beyond. Trading recommendation: We are long EUR from 138.10 and will move our stop higher to 138.75. If you are not long EUR yet, then buy near 139.36 or upon a break above 140.48 and use the same stop at 138.75. |
#18
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We are still looking for upside acceleration through the resistance-line near 142.73 confirming a continuation higher to 144.03 as the next major upside target. In the long term, we are still looking for much higher levels and a new test of a high of 149.55 hit in December 2014. In the short term, we will ideally see support at 139.36 - 139.46, which is likely to protect the downside for a break above a high of 141.04 in order to test the resistance-line near 142.73. Trading recommendation: We are long EUR from 138.10 and will keep our stop at 138.75. If you are not long EUR yet, buy EUR near 139.46 or upon a break above 140.66 and use the same stop at 138.75 |
#19
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We saw a test of resistance at 140.67 yesterday, but it failed to break above. That could prolong the correction in blue wave ii and call for another downside test of 138.90 before a new attempt to break above resistance at 140.67. Only an unexpected break below 137.94 will question the upside for now and call for a move lower to strong support at 136.94. Trading recommendation: We are long EUR from 138.10 with stop placed at 138.75. We still recommend buying EUR near 139.37 with a close stop at 138.75. |
#20
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
The support line at 126.05 has protected the downside and we continue to look for a break above minor resistance at 139.17 and more importantly above resistance at 140.63 confirming a continuation higher to 144.03. Only a break below support 136.96 will make us reconsider the entire count from 126.05. Trading recommendation: We are long EUR from 138.64 with stop placed at 137.90. If you are not long EUR yet, then buy on a break above 139.17 and use the same stop at 137.90. |
#21
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
On Saturday, Greece had called a referendum on whether to accept the latest terms set by creditors, which caused a huge volatility in early trade on Monday. A break below important support at 133.07 will be bearish for EUR/JPY. It will indicate that a rally from a low of 126.05 has been only in three waves and thereby is a corrective one. If a breakout below 133.07 takes place, a new decline to 126.05 and lower is expected. Amid that, stay cautiously bullish as long as important support at 133.07 protects the downside, but a breakout back above 139.17 will be needed to confirm the bullish outlook. Trading recommendation: With an extreme volatility seen here, the best is to stay neutral and let things come down before entering a new position. So, we will stay neutral for now. |
#22
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We still prefer a break above minor resistance at 138.68 to continue moving higher to 141.06 with a target at 144.03. As long as minor resistance at 138.68 is able to protect the upside, we do accept the risk of a breakout below important support at 133.07, which would change the bullish picture to a bearish one. A breakout below 133.07 will leave us with a three wave rally of a low at 126.05 and indicate that it has been only a corrective rally. So, a new decline towards 126.05 should be seen. Trading recommendation: We will buy on a breakout above 138.68. |
#23
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We are going nowhere at the moment, which is clearly showing the ongoing fight between bulls and bears. We continue to be cautious bulls as long as support at 135.85 and more importantly as long as support at 133.07 protects the downside. That said we need a breakout above 138.68 to add renewed upside pressure towards 141.06 on the way higher to 144.03. An unexpected breakout below support at 133.07 will indicate that the rally from 126.05 was only corrective and a new test of this low should be seen on the way lower to 119.90. Trading recommendation: We will buy break above 137.45 with stop placed at 135.75. |
#24
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
There is no change in our view. Trading has been trapped in a very narrow range since yesterday as insecurity about EUR prevails. We continue to look for a breakout above minor resistance at 136.85 indicating renewed upside pressure for a test of 141.06 on the way towards 144.03. Only an unexpected break below important support at 133.07 will indicate that the rally from 126.05 has been no mer than a correction and this support should be tested again. Trading recommendation: We will buy EUR only upon a break above 136.85. |
#25
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
Important support at 133.07 is still holding firm keeping us cautiously bullish for a breakout above minor resistance at 134.57 and more important above resistance at 135.43 calling for a continuation to 138.14 and above. Only a breakout below important support at 133.07 could indicate a corrective nature of the rally from 126.05 and call for a new test of this low. Trading recommendation: We will buy EUR here at 134.07 and place a stop + revers at 133.00. |
#26
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
A rally from a low of 133.27 looks impulsive and we would like to see support at 134.99 protecting the downside for a break above minor resistance at 137.04 and more importantly above resistance at 137.29 for a continuation higher to 141.06 and above moving towards 144.03. It will still take an unexpected break below important support at 133.07 to invalidate the bullish outlook and call for a new decline to 126.05 and below. Trading recommendation: We are long EUR from 134.07 and we will move our stop a little higher to 134.25. If you are not long EUR yet, then buy near 134.99 and use the same stop at 134.25. |
#27
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
A correction in wave ii has turned into expanded flat, which calls for a decline to just below 135.45 in wave c of ii before an extended rally higher to at least 141.52 takes over as wave iii develops. In the short term, we are looking for a decline to just below 135.45 in order to close at 135.00 before the next strong rally higher to the level of 141.52 and even higher to 143.07. Only an unexpected break below 133.07 will invalidate the bullish outlook. Trading recommendation: We are long EUR from 134.07 with stop placed at 134.25. If you are not long EUR yet, buy near 135.00 with the same stop at 134.25. |
#28
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
An expanded flat correction has unfolded as expected. We are now looking for an upside acceleration through resistance at 138.14 confirming a continuation higher towards at least 141.52 and possibly even higher to 143.05, which also marks the inverse S/H/S bottom measured target. Only an unexpected break below support at 133.27 will invalidate the bullish outlook and indicate that the entire rally from 126.05 has been part of a more complex correction and that the low of 126.05 will be retested. Trading recommendation: We are long EUR from 134.07 and will move our stop higher to 135.10 upon a break above resistance at 136.44. If you are not long EUR yet, then buy near 135.92 or upon a break above resistance at 136.44 and use the same stop at 135.10. |
#29
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
An expanded flat took longer time than we had expected. Now, we need a break above minor resistance at 135.55 to indicate that wave ii is over and wave iii is ready to take over. Until a break above 135.55 is seen, we must accept a possibility of a move closer to 134.45 before the expanded flat finally comes to the end. Once minor resistance at 135.55 is cleared, upside acceleration towards 141.52 should be seen. Trading recommendation: We are long EUR from 134.07 with stop placed at 134.25. If you are not long EUR yet, then buy near 134.45 or upon a break above 135.55 with stop placed at 134.25. |
#30
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
Sideways consolidation continues fter a successful intraday test of the intraday support at 134.36. The market is range bounded between the levels of 135.04 and 134.36. A breakout to the upside is being expected, but any breakout below the intraday support at the level of 134.36 would extend a downfall towards the wave A blue support at the level of 133.28. Trading recommendations: Due to the sideways price action, trading advise is still valid: buying on dips is a way to trade on this market and daytraders should consider opening sell orders only if the level of 134.36 is clearly violated ( hourly candle close below this level). |
#31
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
A low of 134.28 was reached. In the short term, we need a break above minor resistance at 136.38 to confirm a low for wave (ii). Acceleration in wave (iii) is to be expected for a rally to 146.28. There is still the risk of a break below support at 133.27 that will shift the count to a much more bearish one. If support at 133.27 gets broken, the rally from 126.05 wil be done only in three waves, which is a sign of a correction calling for a new decline to 126.05 and even lower. Trading recommendation: We are long EUR from 134.07 and will move our stop higher to 134.30. If you are not long EUR yet, then buy a break above 136.38 and use the same stop at 134.30 |
#32
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
As long as minor support at 134.83 protects the downside, we will stay cautiously bullish for a break above resistance at 136.38 and more important a break above resistance at 137.80 confirming a continuation higher to 141.06 and 144.03. To alter the bullish count a break below important support at 133.27 will be needed, but a break below here will leave us with a three wave rally from 126.05 and call for a new decline to this low. Trading recommendation: We are long EUR from 134.07 and will move our stop here to 134.75. If you are not long EUR yet, then buy EUR upon a break above 136.38 and use the same stop at 134.75. |
#33
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary:
We still need a clear breakout above resistance in the area of136.38 - 136.44 to confirm more upside pressure towards 141.06 and 144.03. As long as this resistance area is able to protect the upside, the risk of a break below minor support at 134.83 remains that will keep both bullish and bearish counts alive. We still cautiously prefer the bullish picture for a clear breakout above minor resistance at 136.44 and more importantly above resistance at 137.80 for the continuation higher to 141.06 and 144.03. However, the risk of a break below minor support at 134.83 remains adding downside pressure. There is the thread of a breakout below important support at 133.27 , which woul shift the bullish count shift to bearish one and a new decline to 126.05 and below. Trading recommendation: We are long EUR from 134.07 and will keep our stop at 134.75. If you are not long EUR yet, buy on a break above 136.44 and place your stop at 135.40 for now. |
#34
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
The leading diagonal wave i blue looks completed now and wave ii blue is in a corrective cycle. There is still one more wave down missing, wave c purple, to complete the correction. The first sign that the wave down is in progress might be identified when the intraday support at the level of 135.52 is violated. The target is seen at the level of 134.77. On the other hand, any breakout above the intraday resistance at the level of 136.43 will put the alternative count in play, and an upside target would be at the level of 137.74. Trading recommendations: Daytraders should consider opening buy orders only if the level of 136.43 is clearly violated (hourly candle close above the level), with tight SL (20-30) pips and first TP at the level of 13686, second TP at the level of 137.74. |
#35
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
The market has broken through yesterday's resistance at the level of 136.41. This level will act as a support. The upward wave progression has not been completed yet and more gains at the market are expected. Please keep an eye on the intraday support at the level of 136.41 as any breakout lower would invalidate the impulsive wave development and weekly pivot at the level of 135.60 might be tested again. Trading recommendations: Daytraders should close the buy orders from yesterday and wait for another upside breakout to produce another chance to enter the market. The best level to place the buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63. |
#36
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
Technical summary
We are still looking for a break above resistance at 137.80 that will confirm continuation higher to 141.06 and 144.03 as the next upside targets. There is still risk of a break below minor support at 135.49 and more importantly a break below the support-line at 134.83. That will question the bullish outlook, but only a break below support at 134.28 will invalidate the bullish outlook all together and call for a new decline to 126.05 and below. Trading recommendation: We are long EUR from 134.07 with stop placed at 135.40. If you are not long EUR yet, the buy a break above 137.80 and use the same stop at 135.40. |
#37
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
The corrective structure is getting more complex and time-consuming. After breaking the lower channel line, the market heads towards lower levels to test the weekly pivot point at 135.60. Please notice that this kind of a range-bounded price action might last some time until the level of 138.12 or 133.26 is violated. Trading conditions might get choppy and full of whipsaws. Trading recommendations: Daytrading levels: - for bulls: the best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63 - for bears: open sell orders at current market levels with SL above the level of 136.32 and TP at the level of 135.60 |
#38
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
The count has been little changed due to expanding corrective cycle in wave c green of wave (c) blue. The outlook is still mid-bearish as the downward wave progression hasn't been completed yet and if the intraday support at the level of 135.53 is violated, next supports are expected at the levels of 135.11 and 134.77. Trading recommendations: Daytraders should consider opening sell orders from the level of 135.51 with tight SL (15-20 pips) and TP at the level of 135.11 and 134.77 |
#39
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
The market behave as anticipated going to test the intraday support at the level of 135.53. Currently, the level of 135.90 is being tested from the downside and the black-dashed channel trendline is the most important dynamic resistance today. The downward wave progression does not looks completed and the projected target is still at the wave Y brown at the level of 135.15. Trading recommendations: Yesterdays, sell orders hit the TP level and it looks like the market might give traders one more opportunity to open the same sell orders again: sell entry is seen at the level of 135.90 with SL just above the level and TP at the level of 135.51. |
#40
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Re: Daily technical analysis of EUR/JPY By INSTAFOREX
General overview
As anticipated yesterday, the market has completed the wave c purple to the downside and the temporary local bottom had been established at the level of 135.01. Nevertheless, there is still a possibility of further downside developments if the intraday resistance at the level of 135.53 is not violated. If this happens, the market will continue to develop Z brown wave to the downside, targeting the support at the level of 134.42. Please notice that the current wave progression in wave (b) blue might not be completed and might evolve into a triangle pattern ( wave abc green are the first three triangle sub-waves, then we need wave d green and e green to complete it). Trading recommendations: Daytraders should consider opening sell orders from the level of 135.53 with tight SL (20-30 pips) and set the TP at the level of 135.01 with a possible extension downwards to the level of 134.42. |
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