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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #101
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    General overview
    The current wave progression indicates a more complex and time consuming corrective cycle in wave (ii) green is in its final stages. There is only one wave to the downside missing now and the market should rebound from the golden trend line dynamic support around the level of 1.2403. Only a sustained breakout below the level of 1.2386 would invalidate the bullish outlook.

    Trading recommendations:
    ​Daytraders and swingtraders should consider opening buy orders on the current price levels with SL below the level of 1.2386 and TP open for now.
    Technical analysis of EUR/JPY By Instaforex-usdcad_h1-jpg

  2. #102
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    Technical summary:
    The decline towards the ideal downside target at 125.98 is unfolding nicely. Short term, we expect minor resistance at 131.88 to protect the upside for a break below minor support at 131.18. That is likely to confirm decline to 130.06 before the next minor consolidation takes place. This decline should continue to move lower in baby steps. At this point, only a break above 133.59 is likely to invalidate the bearish count.

    Trading recommendation:
    We are short EUR from 133.90 and will move our stop lower to 132.15. If you are not short EUR yet, sell around 131.88 with the same stop at 132.15.
    Technical analysis of EUR/JPY By Instaforex-2015-03-10-eurjpy-4h-png

  3. #103
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    Technical summary:
    The decline towards the ideal target at 125.98 unfolded as expected. In a short term, more downside bias should be seen after a minor setback towards 130.47 and even slightly higher to 131.25 before the next movement to 127.32 takes place. With a new low below the wave (iii) low at 130.14 all requirements to wave C has been fulfilled now and we should be aware of a bottom being in place at anytime now.

    Trandig recommendation:
    We are short EUR from 133.90 and will move our stop lower to 131.90. Look for the bottom to buy EUR.
    Technical analysis of EUR/JPY By Instaforex-2015-03-11-eurjpy-4h-png

  4. #104
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    Technical summary:
    The decline in wave iii has been stronger than we first anticipated. We have adjusted our count slightly to the more bearish count, but our ideal downside target remains at 125.98. In the short term, we could see a correction towards 129.09 and maybe even slightly closer to 129.96 before the next downside pressure is seen in a series of waves three, four, and five.

    Trading recommendation:
    We are short EUR from 133.90 and will lower our stop to 131.00 and place our take profit at 126.25. If you are not short EUR yet, then sell near 129.96 with the same stop and take profit.
    Technical analysis of EUR/JPY By Instaforex-2015-03-12-eurjpy-4h-png

  5. #105
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    Technical summary:
    We have seen the expected minor correction to 129.09. Now, we should see the next decline to 126.51 in blue wave v and red wave iii. This is the last part of the decline towards the ideal target at 125.98. It is likely to be choppy, as a series of wave three, four, and five is developing. In the short term, a break below minor support at 128.17 confirms the decline towards 126.51, which again should be followed by a minor correction that should stay below 129.00.

    Trading recommendation:
    It is time to protect your profit by closeing in your stop as much as possible. We will move our stop lower to 129.55 and when support at 128.17 breaks, we will move stop lower to 129.10. Take profit will stay at 126.25
    Technical analysis of EUR/JPY By Instaforex-2015-03-13-eurjpy-4h-png

  6. #106
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    Technical summary:
    The correction in red wave iv became a little higher than expected, but is still holding below important short-term resistance at 129.06. Look for red wave v lower towards 125.98 soon. In the short term, a break below minor support at 128.09 and a more important break below support at 127.28 is likely to confirm a decline to 125.98. Now, we are in the final parts of wave C decline of the major expanded flat correction, which has been developing for the last three months. When this correction is over, we will be looking for a new impulsive rally higher. But for now, we still have to focus on the downside and look for signs that the bottom could be in place.

    Trading recommendation:
    We are short EUR from 133.90 with stop place at 129.10. We will keep our take profit at 126.25. This is very late in the downtrend, but a quick short here at 128.21 with a stop at 129.10 and take profit at 126.25 should still make a nice risk reward.
    Technical analysis of EUR/JPY By Instaforex-2015-03-17-eurjpy-4h-png

  7. #107
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    General overview
    As anticipated from the beginning of the week wave c green to the upside had been made. But please notice that it might get extended to the upside even more. The intraday resistance at the level of 129.03 had been violated as well, but no H1 close occurred so far above this level. Currently, the market is hovering around the weekly pivot at the level of 128.41 and it is possibly waiting for important Fed's news later today. Please notice that the corrective cycle might get even more complex now and this had been indicated by labeling the top of the wave c green as wave (a) blue.

    Trading recommendations:
    Daytraders should consider opening buy orders only if the level of 129.03 is clearly violated with a minimum H1 closure above this level. SL should be placed below the level of 126.89 and TP should be placed at the level of 130.69 with a possible extension upward to the level of 131.87.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  8. #108
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    Technical summary:
    The rally of a low of 126.87 looks strong and indicates that wave C is expected to end early at 126.87 instead of the ideal target at 125.98. There is a possibility of a final decline to the level below 126.87 as long as minor resistance at 131.74 protects the upside. At this point, the odds for this outcome seems to be low. A direct break above 131.74 is likely to call for more upside to just above 136.70 in the first impulsive rally.

    Trading recommendation:
    Our stop at 129.15 was hit for a small loss. We will only buy EUR upon a break above 130.85
    Technical analysis of EUR/JPY By Instaforex-2015-03-19-eurjpy-d-png

  9. #109
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    Technical summary:
    It' s not yet quiet clear whether wave C of the expanded flat correction has terminated or one final decline closer to 125.98 is missed. Our count argues for one more decline and a break below minor support at 128.24 that is likely to support the case for one final decline closer to 125.98. On the flip side, a break above 130.04 would indicate that a firm bottom is already in place at 126.87 and a break above 131.74 is going to confirm that outlook.

    Trading recommendation:
    We will sell EUR upon a break below 128.24, but on the other hand we will like to buy EUR upon a break above 130.04, so we will place both orders, with one order done will cancel the other.
    Technical analysis of EUR/JPY By Instaforex-2015-03-20-eurjpy-4h-png

  10. #110
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    Technical summary:
    Has a bottomed been seen or will we see one final decline closer to 125.98? Well, that's the question. As long as resistance at 131.74 protects the upside, one more decline closer to 125.98 cannot be ruled out. However, that possibility seems weak above 131.74. If a bottom has been seen, we should start to consider what the coming impulsive rally will look like. First clue is the expanded flat wave 2. The rally following an expanded flat should always be expected to be an extended wave. The minimum expectation to an extended wave is 161.8% of the previous impulsive wave. That would leave us with an upside target at 209.66. But we don't have the GO! yet to look for the next impulsive rally higher.

    Trading recommendation:
    We are long EUR from 130.05 and will move our stop higher to 130.35.
    Technical analysis of EUR/JPY By Instaforex-2015-03-24-eurjpy-d-png

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