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  #1  
Old 20-05-2015, 23:23
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Default 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.




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  #2  
Old 21-05-2015, 17:25
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Default 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.




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  #3  
Old 23-05-2015, 12:30
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Default 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.




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  #4  
Old 26-05-2015, 22:50
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Default 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.





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  #5  
Old 27-05-2015, 21:08
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Default 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




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  #6  
Old 29-05-2015, 13:11
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Default 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.




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  #7  
Old 02-06-2015, 12:05
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Default 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.




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  #8  
Old 03-06-2015, 07:56
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Default 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.




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  #9  
Old 04-06-2015, 21:02
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Default 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.
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  #10  
Old 05-06-2015, 08:26
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Default 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




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  #11  
Old 08-06-2015, 09:32
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Default 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.




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  #12  
Old 09-06-2015, 10:42
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Default 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.





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  #13  
Old 12-06-2015, 02:54
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Default 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





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  #14  
Old 12-06-2015, 13:34
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Default 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





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  #15  
Old 16-06-2015, 19:59
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Default 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




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  #16  
Old 17-06-2015, 18:58
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Default 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.




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  #17  
Old 18-06-2015, 16:49
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Default 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.




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  #18  
Old 19-06-2015, 19:17
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Default 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




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  #19  
Old 23-06-2015, 21:49
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Default 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.




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  #20  
Old 25-06-2015, 21:39
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Default 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.




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