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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #91
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    General overview for 12/02/2015
    The current wave progression might be completed if we take into account the recent spike down to the intraday support at the level of 134.71. Nevertheless, to confirm this, the market must break below the golden trend line lower channel line and impulsively continue lower violating the weekly pivot and weekly pivot support at the level of 133.11. Please remember that this is a corrective wave 4 and there is one more wave to the downside expected that goes below the low of the wave 3 eventually.

    Trading recommendations:
    Any breakout below the level of 134.71 is bearish and daytraders should consider opening sell orders only. Please set the SL rather tight (20-30 pips) and TP at the level of 134.21 and 133.11.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  2. #92
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    I like this analysis. Processed data ready to be used. Thanks.

  3. #93
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    Technical summary:
    We are still looking for a little more upside movement in wave (iv) towards 137.65 before this correction is over. It should take wave (v) lower to 125.98 to end wave C of the expanded flat wave [2]. It's worth remembering, that after an expanded flat wave two an extended third wave should be expected. As long as support at 133.92 protect the downside, we should keep looking for wave (iv) to move a little higher, but from 137.65 or upon a break below 133.92 wave (v) lower should be expected.

    Trading recommendation:
    We will still look to sell the euro at 137.55 or upon a break below 133.92.
    Technical analysis of EUR/JPY By Instaforex-2015-02-19-eurjpy-d-png

  4. #94
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    General overview for 20/02/2015
    The market is approaching the key level zone and any breakout below the level of 133.91 would invalidate the triple three scenario in the present form. That would mean the corrective structure might still be in progress. However, the shape of this structure might differ from the anticipated one and the level of 137.64 will not be hit.

    Trading recommendations:
    Daytraders should open only a sell orders from the current price levels with SL above the level of 134.78 and TP at the level of 133.91.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  5. #95
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    Technical summary:
    We have been locked inside a range between 133.51 and 135.91 the last couple of days. The question of course is whether wave (iv) ended at 136.69 or one more rally higher towards 137.65 is needed? As long as support at 133.51 protects the downside, we will let bulls have the benefit of the doubt. That said, only a break above 135.91 will confirm the rally towards 137.65 to end wave (iv). If however, support at 133.51 is broken, the the count will shift immediately to a finished wave (iv) at 136.69 and wave (v) lower towards 125.98 is developing.

    Trading recommendations:
    We are short EUR from 133.90 and will keep our stop at 136.00. EUR should only be sold near 137.65 or upon a break below support at 133.51.
    Technical analysis of EUR/JPY By Instaforex-2015-02-25-eurjpy-4h-png

  6. #96
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    General overview for 26/02/2015
    As anticipated yesterday, the wave b purple is getting more complex and time-consuming as it is evolving into some kind of a triangle pattern. It looks like the wave -e- black is missing in this structure and upward breakout is still expected when the correction in wave b purple is completed. Please keep an eye on the intraday support at the level of 134.43 as any breakout lower would be intraday bearish. The next level of support at 133.55 might get tested before the overall corrective structure is completed. On the other hand, the upside targets are still the same

    Trading recommendations:
    The market is still trading inside the range zone, but daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64. Patience please, as the wave b purple is about to be completed
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  7. #97
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    Technical summary:
    The break below the support-line from 130.14 has forced us to consider wave (iv) as shown. The latter part of this count is very messy and we are still cautious as this mess quickly could turn into something entirely different. To make this count valid, we should stay below resistance at 135.37 for a clear break below support at 133.51, which would call for wave (v) lower towards the ideal target at 125.98. Only a break above 135.37 will keep the correction from 130.14 alive and call for a rally to 137.65 to end wave (iv) and set the stage for wave (v) lower.

    Trading recommendations:
    We are short EUR from 133.90 and will lower our stop to 135.45. EUR should only be sold near 134.65 or upon a break below 133.51 with the same stop at 135.45.
    Technical analysis of EUR/JPY By Instaforex-2015-02-27-eurjpy-4h-png

  8. #98
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    Technical summary:
    We are still looking for a clear break below support at 133.51 to confirm that wave (v) lower is indeed developing. In the short term, we will ideally see minor resistance at 134.27 which will protect the upside for a break below 133.51 for an acceleration towards 130.18. Only an unexpected break above resistance at 135.37 will indicate that an even more complex correction is unfolding in wave (iv).

    Trading recommendation:
    We are short EUR from 133.90 with stop placed at 135.20. If you are not short EUR yet, sell near 134.27 or upon a break below support at 133.64 with the same stop at 135.20.
    Technical analysis of EUR/JPY By Instaforex-2015-03-02-eurjpy-4h-png

  9. #99
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    Technical summary:
    We are still looking for a break below minor support at 133.39 to provide acceleration lower in red wave iii towards 131.04 as the first target. In the long term, we are looking for a decline towards 125.98 as the final low for wave C expanded flat correction from the December 2013 high at 145.69. At that point, a break above minor resistance at 134.60 will delay the expected downside pressure, but only a break above 135.63 will invalidate an immediate bearish count.

    Trading recommendation:
    We are short EUR from 133.90 and will keep our stop at 135.70. If you are not short EUR yet, then sell a break below 133.39 with stop at 134.65
    Technical analysis of EUR/JPY By Instaforex-2015-03-04-eurjpy-4h-png

  10. #100
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    Technical summary:
    We have seen a nice and strong decline after the break below support at 133.39 and more importantl break below support at 132.52 confirming that the correction in wave (iv) ended at 135.91 and wave (v) is developing lower towards 125.98 . Short term, we expect resistance at 133.20 to protect the upside for the next decline lower towards the 161.8% extension target at 131.00 and possibly even lower.

    Trading recommendation:
    We are short EUR from 133.90 and will lower our stop to break-even. If you are not short EUR yet, then sell near 133.20 with the same stop at 133.90
    Technical analysis of EUR/JPY By Instaforex-2015-03-05-eurjpy-4h-png

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