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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #121
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    Technical summary:
    TThe break below 1.4128 invalidated the possibility of a new impulsive rally being in motion. We changed our short-term count, which calls for a final decline closer to 1.3867 now and even 1.3687 before a firm bottom could be in place. In the short term, we will look for resistance at 1.4130 and again at 1.4193, which we expect to protect the upside for the next part of the decline closer to 1.3867 and likely even lower to 1.3687.

    Trading recommendation:
    Sell EUR near 1.4193 with stop placed at 143.00 and place take profit at 1.3875.
    Technical analysis of EUR/JPY By Instaforex-2015-04-10-eurnzd-4h-png

  2. #122
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    Technical summary:
    We can observe a correction in red wave iv, which could be some kind of triangle consolidation before the final decline closer to 125.98 to terminate wave C of the expanded flat correction, which has dominated the picture since late December 2013. After this decline in wave C is over, we should see a new impulsive rally to above 149.55.

    Trading recommendation:
    Now, wave (v) C is advanced so well that a bottom could be found at anytime. So, we will be looking for EUR buying opportunity around 125.98.
    Technical analysis of EUR/JPY By Instaforex-2015-04-14-eurjpy-4h-png

  3. #123
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    Technical summary:
    With a low at 126.24, the correction in red wave ii held above an important low at 126.02 and the immediately bullish counts continue to dominate the picture. What's more important is that resistance at 127.83 has been broken indicating that a bottom could be in place at 126.02 for a new long-term impulsive rally. We are only in the beginning of this new potential impulsive rally and it still needs to prove itself breaking above minor resistance at 128.78. In the short term, we expect the inverse S/H/S neckline near 127.31 to protect the downside for moving higher to 128.78 and even higher to 130.38.

    Trading recommendation:
    We are long EUR from 126.96 and will move stop higher to 126.20. If you are not long EUR yet the buy near 127.31 with the same stop at 126.20
    Technical analysis of EUR/JPY By Instaforex-2015-04-16-eurjpy-4h-png

  4. #124
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    Technical summary:
    We are still certain that a firm bottom has been found at 126.02. The big question right now is which path the first minor wave has taken. Have we seen a series of waves one and two or has a leading diagonal developed? If prices are accelerating higher from here, a series of waves one and two is the correct answer, while a correction to 126.73 or slightly below will favor the leading diagonal. For now, we will wait for patiently and let the market show its real hand.

    Trading recommendation:
    We are long EUR from 126.96 and will move our stop higher to 127.45. If our stop is hit, we will re-buy EUR at 126.80 with a stop at 126.00
    Technical analysis of EUR/JPY By Instaforex-1429242693_2015-04-17-eurjpy-4h1-png

  5. #125
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    Technical summary:
    Red wave ii is currently unfolding towards 126.73. Once red wave ii is over near 126.73, a strong acceleration towards 131.30 and likely slightly above iis expected n red wave iii. In the short term, I am looking for minor resistance at 128.47 protecting the upside for a break below support at 127.86 and below support at 127.57. That is likely to confirm red wave c lower towards 126.73 from where we should look for a move higher again.

    Trading recommendation:
    Our stop at 127.70 was hit for a nice little profit. We will buy EUR again at 126.80 or upon a break above 128.48 (one order done cancels the other). Stop will be placed at 126.00
    Technical analysis of EUR/JPY By Instaforex-2015-04-21-eurjpy-4h-png

  6. #126
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    Technical summary:
    The correction from 128.80 has corrected 50% of red wave i. From a pure mathematical point of view, this is enough correction for red wave ii to set the stage for red wave iii moving higher towards 131.30. That said the decline to 127.42 could be just wave a of a flat correction. The current rally back to 128.80 wave b and then we still should see wave c below 127.42 before red wave iii is ready to take off. Now, we have to wait and see whether resistance at 128.80 gets broken.

    Trading recommendation:
    We will buy EUR at 127.45 or upon a break above 128.80 (say at 128.85 and one order done cancels the other). Stop will be placed at 126.00
    Technical analysis of EUR/JPY By Instaforex-2015-04-22-eurjpy-4h-png

  7. #127
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    Technical summary:
    With a break above 128.80, the odds favor that red wave ii did end at the 50% corrective target at 127.42 and that new impulsive rally in red wave iii is developing higher towards 131.90. If we look at the long-term picture, the very complex correction that has been developing from a high of 145.69 in late December 2013 is most likely to end at 126.02, just 4 pips above the ideal target at 125.98, which marked the 38.2% correction of a rally from 94.10 to 145.69 and a new impulsive rally is expected to unfold soon. A rally that will take us away from a high of 149.55.

    Trading recommendation:
    We are long EUR from 128.85 and we will place stop at 127.35. If you are not long EUR already, then buy EUR near 128.00 or upon a break above 128.97 with the same stop at 127.35.
    Technical analysis of EUR/JPY By Instaforex-2015-04-23-eurjpy-4h-png

  8. #128
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    Technical summary:
    A rally from a low of 126.02 continues to unfold as expected. We are looking for a break above the base channel resistance-line near 130.00 to add acceleration towards a target at 131.90, where red wave iii will be 161.8% longer than red wave i. In the short term, we expect minor support at 128.57 to be able to protect the downside. We are only in the very beginning of, what we believe, is a new major impulsive rally that ultimately will take us way beyond the high of 149.55.

    Trading recommendation:
    We are long EUR from 128.85 and will move our stop higher to 127.80. If you are not long EUR yet, then buy near 128.57 with the same stop at 127.80
    Technical analysis of EUR/JPY By Instaforex-1429847109_2015-04-24-eurjpy-4h-png

  9. #129
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    Technical summary:
    We keep looking for support near 128.75 to protect the downside for a break above the minor top at 130.20 and more importantly the base channel resistance-line, which should add acceleration to red wave iii for a rally towards 131.90. A break below 128.75 will be of concern, but only a break below the support at 127.83 will invalidate the bullish count and leave an impression of a corrective rally from a low of 126.02.

    Trading recommendation:
    We are long EUR from 128.85 and will our stop higher to 128.55. If you are not long EUR yet, then buy near 128.75 or upon a break above 130.20 with the same stop at 128.55.
    Technical analysis of EUR/JPY By Instaforex-2015-04-28-eurjpy-4h-png

  10. #130
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    Technical summary:
    Now, we see the expected break above 130.20. But a break above the base channel resistance-line near 131.00 is still needed to add acceleration higher to the extension target at 131.90. In the short term, we are ideally going to see support at 129.77 protecting the downside for the test. It is likely to break above the base channel resistance-line at 131.00 for acceleration higher to 131.90. It will take an unexpected break below support at 129.33 to cause concerns about the rally of the 126.02 low.

    Trading recommendation:
    We are long EUR from 128.85 and will move our stop higher to 129.25. If you are not long EUR yet, then buy EUR near 129.77 with the same stop at 129.25.
    Technical analysis of EUR/JPY By Instaforex-2015-04-29-eurjpy-4h-png

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