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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #111
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    General overview
    Wave (b) blue might be now completed, but the confirmation comes with the breakout of the level of 131.39. Now the market is heading straight into key resistance zone between the levels of 131.65 - 131.85 that should be used as a target for wave Y brown and the corrective cycle as a whole. Please note that any violation of the weekly pivot at the level of 129.75 is bearish and means that corrective cycle was finished sooner than expected.

    Trading recommendations:
    Buy orders advised on Monday should be in profit and the TP orders should be set at the level of 131.65 with a possible extension upward to the level of 131.85. Please note the market can spike up to the TP zone very quickly and suddenly.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  2. #112
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    Technical summary:
    As long as resistance at 131.74 protects the upside, our preferred count shows that a final decline closer to 125.98 is still expected. However, if resistance at 131.74 is cleared, we will shift our count to the bullish count that indicates that a firm bottom is already in place at 126.87. Resistance at 131.74 has protected the upside for now and we will be looking for a break below minor support at 130.31 and more importantly a break below 129.26 adding confidence to the call for a final decline closer to 125.98.

    Trading recommendation:
    We are neutral, with a EUR sell-order placed at 129.85 and a EUR buy-order placed at 131.80 (one order done cancels the other).
    Technical analysis of EUR/JPY By Instaforex-2015-03-26-eurjpy-4h-png

  3. #113
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    Technical summary:
    The break below the support line from a low of 126.87 is the first sign of the final decline closer to 125.98. We still need a break below support at 129.26 and more importantly a break below support at 128.33 to confirm the decline closer to 125.98. As long as 129.26 protects the downside, this could be part of a correction, which a break above 130.30 will suggest. A break back above 130.30 is likely to destroy a possible impulsive look and call for a new test of important resistance at 131.74.

    Trading recommendation:
    We are short EUR from 129.85 and will move our stop lower to 130.40. If you are not short EUR yet, then sell a break below 129.47 with the same stop at 130.40.
    Technical analysis of EUR/JPY By Instaforex-2015-03-27-eurjpy-4h-png

  4. #114
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    Technical summary:
    As long as minor resistance at 131.51 protects the upside, we will be looking for more downside pressure. A break below support at 128.99 and more importantly a break below support at 128.33 will call for one final decline closer to 125.98 before the impulsive decline from 149.55 finally is over and a new impulsive rally can be expected. Only an unexpected break above 131.51 will indicate that wave C of the expanded flat correction, which we have been tracking since late December 2013 terminated at 126.87 and a new impulsive rally is already developing.

    Trading recommendation:
    We are short EUR from 129.85 with stop placed at 130.40. If you are not short EUR yet, then sell upon a break below 129.67 with the same stop.
    Technical analysis of EUR/JPY By Instaforex-2015-03-31-eurjpy-4h-png

  5. #115
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    Technical summary:
    EUR/JPY continues to move lower, but we still need a break below important short-term support at 128.33 to confirm a new test of 126.87 and more importantly new lows near 125.98. In the short term, only a break above 130.41 will call for the expected downside pressure. A break above resistance at 131.41 is going to signal that a premature bottom is found at 126.87 and a new impulsive rally to above 149.55 is developing.

    Trading recommendation:
    We are short EUR from 129.85 and will keep our stop+reverse at 130.40
    Technical analysis of EUR/JPY By Instaforex-2015-04-01-eurjpy-4h-png

  6. #116
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    Technical summary:
    Wave (v) lower is well advanced, but we are still looking for one final decline towards 125.98 to end wave (v) of C of the expanded flat correction, that has been unfolding since late December 2013. Once wave (v) is done, a new impulsive rally to above 149.55 is expected. In the short term, we expect the minor resistance-line near 130.32 to protect the upside for a break below minor support at 128.33 confirming the decline closer to 125.98. Only an unexpected break above 131.51 will indicate that wave (v) ended prematurely at 126.87 and the impulsive rally higher already has begun.

    Trading recommendation:
    We are short EUR from 129.85 we will move our stop lower to 129.50.
    Technical analysis of EUR/JPY By Instaforex-2015-04-02-eurjpy-4h-png

  7. #117
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    General overview
    The upside breakout in wave (a) blue looks completed now and the bearish divergence supports this view. Currently, the market should be making wave (b) blue as an internal corrective cycle before the uptrend would continue. The target level for wave (b) blue is the intraday support at the level of 130.03 and bounce/reversal is expected form this level. In case of any further breakout lower, the corrective retracement in wave (b) blue might get even to the zone 120.50 - 120.20.

    Trading recommendations:
    Daytraders should consider to open buy orders from the level of 130.03 with SL below the level of 129.80 and TP at the level of 131.67.
    Technical analysis of EUR/JPY By Instaforex-2015-04-06_eurjpy-jpg

  8. #118
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    Technical summary:
    We are still looking for resistance at 131.74 to protect the upside for the final decline towards the 38.2% corrective target at 125.98 to end wave C of the expanded flat correction, that has been dominating the picture since late December 2013. If however resistance at 131.74 is broken the odds swings in favor of a long term bottom being in place already at 126.87 and a new impulsive rally unfolding already.

    Trading recommendation:
    Our stop at 129.50 was taken out for a small profit. As wave (v) of C is well advanced we will stay neutral for now.
    Technical analysis of EUR/JPY By Instaforex-2015-04-07-eurjpy-4h-png

  9. #119
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    Technical summary:
    As we have said before, wave (v) 2 is well advanced and could create bottom at 126.87, which is a bit prematurely as the ideal target was the 38.2% corrective target of the rally from 94.10 to 145.69. As long as resistance at 131.74 protects the upside, we could see one more decline closer to 125.98. A break above 131.74 is likely to indicate that the bottom for wave 2 is in place and wave 3 to above 149.55 is developing.

    Trading recommendation:
    We are going to stay neutral for now, awaiting the picture to clear.
    Technical analysis of EUR/JPY By Instaforex-2015-04-09-eurjpy-4h-png

  10. #120
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    Technical summary:
    We where split between a continuation lower towards 125.98 or whether a bottom had been already found. However, after having reviewed the short-term count, we changed ours slightly. We think the new count fits better and explains price actions over the last couple of weeks. This count shows that a triangle wave iv has been developing and the break below the triangle support-line at 129.05 was the first good indication that the triangle consolidation had been over and renewed downside pressure on wave v of (v). In the short term, we will look for resistance around 129.10 - 129.30 for the next part of the decline closer to the ideal downside target at 125.98.

    Trading Recommendation:
    Sell EUR around 129.10 - 129.30 with a stop at 129.80 and place take profit at 126.25
    Technical analysis of EUR/JPY By Instaforex-2015-04-10-eurjpy-4h-png

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