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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #131
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    Technical summary:
    A break above the base-channel resistance-line was, in fact, a strong acceleration higher with the first extension target at 131.90. A rally through this resistance was seen for a continuation higher to the 200% extension target at 132.95. Now, the broken base channel resistance-line near 131.22 should ideally provide the support for the next rally to 134.65 but even if blue wave iv moves back into the base-channel, it should not move below 130.36 before the next rally towards 134.65.

    Trading recommendation:
    We are long EUR from 128.85 and will move our stop higher to 130.20. If you are not long EUR yet, then buy EUR near 131.22 with the same stop at 130.20.
    Technical analysis of EUR/JPY By Instaforex-2015-04-30-eurjpy-4h-png

  2. #132
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    Technical summary:
    The rally from the long-term important low at 126.02 is unfolding as a textbook impulsive rally. Yes, it did start up with an difficult to read leading diagonal, but then we rather quickly nailed this formation and then the rest has be fairly straight forward. We are currently testing the 261.8% extension target of red wave i. So is red wave iii in place? We don't think so and will be looking for a continuation higher to 135.70 and maybe even higher to 137.40 before red wave iii is in place. Short-term support is found at 133.72 and again at 132.54.

    Trading recommendation:
    We are long EUR from 128.85 and will raise our stop to 132.45. If you are not long EUR yet, then buy near 133.72 with the same stop at 132.45.
    Technical analysis of EUR/JPY By Instaforex-1430465910_2015-05-01-eurjpy-4h-png

  3. #133
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    Technical summary:
    EUR/JPY is currently in a red wave iv correction towards the corrective target at 133.43, which will be the first estimated support. It will take a break above minor resistance at 134.21 and more importantly a break above resistance at 134.73 to confirm that red wave iv is over and red wave v towards 137.40 is unfolding. In the short term, look for a test of 133.43 and maybe even lower to 132.28 as long as minor resistance at 134.21 protects the upside.

    Trading recommendations:
    We are long EUR from 128.85 and will keep our stop at 132.75. If you are not long EUR yet, then buy a break above 134.21 with a stop 10 pips below the most recent low.
    Technical analysis of EUR/JPY By Instaforex-2015-05-05-eurjpy-4h-png

  4. #134
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    Technical summary:
    First of all, please notice we have changed our labeling slightly. So we have blue wave iii at 135.29 and the correction to 133.08 was only blue wave iv and we are currently working our way higher in blue wave v towards 135.82. This means the top we expect near 135.82 only will be red wave iii and should be followed by a correction in red wave iv that most likely will not move below 133.08 before red wave v higher to 137.54 to end the first larger impulsive cycle of the long-term low at 126.02.

    Trading recommendations:
    We are long EUR from 128.85 and will move our stop higher to 133.75. Upon a break above 135.29, we will move our stop higher to 134.40. If you are not long EUR yet, then buy EUR near 134.49 with a stop at 133.90 and take profit near 135.82.
    Technical analysis of EUR/JPY By Instaforex-2015-05-06-eurjpy-4h-png

  5. #135
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    Technical summary:
    The 135.82 target is currently being tested. It is likely to mark the top of red wave iii and call for a correction in red wave iv to just above support at 133.08. As red wave ii was a simple zig-zag correction, a shallow but complex red wave iv should be expected before red wave v higher to 137.54. In the short term, we expect minor support at 135.16 will protect the downside to test the ideal red wave iii target at 135.82. A break below 135.16 will be the first warning that red wave iii has peaked and red wave iv towards 133.08 is developing.

    Trading recommendation:
    We are long from 128.85 and will move our stop higher to 135.10. If our stop is hit, we will re-buy EUR at 133.15.
    Technical analysis of EUR/JPY By Instaforex-2015-05-07-eurjpy-4h-png

  6. #136
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    General overview
    The impulsive bullish count had been invalidated because the wave two low overlapped the beginning of wave one. Therefore, the recent rally up couldn't be the beginning of a trend resumption. It looks like it was only a short-term bounce to make the wave XX brown high at the level of 1.2203. This all means there is one more wave to the downside missing to complete the wave Z brown of the overall corrective structure in wave 4 green. There are two possible resistance levels from where a slide can start: one is the intraday resistance at the level of 1.2086 and the second is dynamic golden trend line resistance around the level of 1.2138. Please notice the bullish divergence has formed, but it might have only a shot-lasting effect, unless the level of 1.2203 is violated.

    Trading recommendations:
    Daytraders should consider a short-term buying opportunity from current price levels with a tight SL and TP at the level of 1.2086 with a possible extension up to the level of 1.2138.
    Technical analysis of EUR/JPY By Instaforex-usdcad_h1-jpg

  7. #137
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    Technical summary:
    After a perfect rally to 135.82 (a high came in at 136.00), the expected correction in red wave iv has taken over. The first target to look for is the low of wave four (blue wave iv in this case) of one lessor degree. The bottom of blue wave iv is located at 133.08, which is just above the 38.2% corrective target of red wave iii at 132.72. So, a bottom for red wave iv should be expected between 132.72 and 133.08 for the final rally in red wave v to finish the first impulsive rally from a long-term low at 126.02.

    Trading recommendation:
    Our stop at 135.10 was hit for a very nice profit. We will look for a new EUR-buying opportunity at 133.15.
    Technical analysis of EUR/JPY By Instaforex-2015-05-08-eurjpy-4h-png

  8. #138
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    General overview
    As anticipated yesterday, the market went up to test the golden trend line. Now, it is trading at the key intraday level. Any breakout higher would directly expose the intraday resistance at the level of 135.36 and the leading diagonal idea will be invalidated if this level is broken. On the other hand, if the golden trend line provides enough resistance, the price should reverse at the current level, head below the first intraday support at the level of 134.23, and then even lower, down to the level of 133.47. The near-term bias is still bearish and only a sustained breakout above the intraday resistance would be a bias change for this market.

    Trading recommendations:
    As long as the market is below the dynamic golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 135.00 and TP at the level of 133.09 with a possible extension downward.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  9. #139
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    General overview
    As anticipated yesterday, the level of 135.36 provided the resistance for the price and the market reversed after making a high at the level of 135.20. The current structure might be labeled as leading diagonal pattern. But there is still one wave to the downside missing to complete the structure and this is why the intraday bias might shift to bearish now. The weekly pivot at the level of 134.33 and the intraday support at the level of 134.30 are the key levels to the downside: if the market violate this levels, more downside wave progression is to come.

    Trading recommendations:
    Daytraders should consider opening sell orders from current market levels with SL above the level of 135.36 and TP at the level of 134.30 with a possible downward extension to the level of 134.47.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  10. #140
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    General overview
    The latest count had been slightly changed to incorporate the latest wave up labeled as wave (v) green. This wave is still incomplete as it looks like it needs one more sub-cycle higher to finish the impulsive sequence and reverse lower. Please notice that bearish divergence has been formed between the price and the momentum oscillator. This fact supports our view. A breakout below the intraday support at the level of 135.46 would be another confirmation

    Trading recommendations:
    Daytraders and swingtraders should consider opening sell orders after a new high is made and the impulsive structure is completed
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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