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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #11
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    Default Technical analysis of EUR/JPY for August 29, 2014

    General overview for 29/-8/2014 14:30 CET
    Unfortunately, there is something else going on than a simple downward impulsive wave development. It looks like the corrective cycle is going to be more complex and time-consuming. Due to invalidation of several important rules, the current count has been updated and the bearish impulsive count has been cancelled. According to the new labeling, the are chances that after the downside failure the higher prices will be seen as the corrective cycle is not completed. The current labeling is WXY brown complex triple three structure in red wave 2 and there is one more wave to the upside missing to complete the correction.

    Trading recommendations:
    The short orders opened at the beginning of this week should be closed and traders should refrain from trading until a clear pattern emerges.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  2. #12
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    Default Technical analysis of EUR/JPY for September 2, 2014 By Instaforex

    General overview for 02/09/2014 11:50 CET
    There complex corrective structure labeled as WXY brown is developing as anticipated. After blue wave (b) is completed, higher prices are expected. The fist minimum target for blue wave (c) is at the level of 138.15 but further upside levels are possible as well. The key intraday level for bulls is intraday support at the level of 137.40 and a rebound is expected either there or from the lower channel line somewhere at the level of 137.10.

    Trading recommendations:
    All traders who had opened buy positions should keep an eye on the level of 137.98: breakout higher is bullish and a failure here is bearish.
    Technical analysis of EUR/JPY By Instaforex-1409652215_eurjpy_h1-jpg

  3. #13
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    Default Technical analysis of EUR/JPY for September 3, 2014 By Instaforex

    General overview for 03/09/2014 11:20 CET
    The bearish impuslive count has been invalidated as wave Y violated the level of 137.98 making wave 1 and wave 2 overlaps. That means now the chances for impulsive bearish wave developments are low as the market is supposed to complete the blue wave (b) to the downside and one more blue wave (c) to the upside first. Then, according to the H4 chart, there is a possibility that this complex, time-consuming corrective cycle is completed in a form of triple complex correction and the market might be ready for further increase. Please, notice that a breakout below the level of 135.46 invalidates the purple impulsive count and makes the top for big cycle blue wave 1 in place at the level of 145.65.

    Trading recommendations:
    As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h4-jpg

  4. #14
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    Default Technical analysis of EUR/JPY for September 4, 2014 By Instaforex

    General overview for 04/09/2014 09:50 CET
    Not much has changed since yesterday as the market is in corrective cycle labled by blue wave (b) and it is about to complete blue wave (c) to the upside. Then, the first leg of a complex corrective structure will be completed but any breakout below the level of 136.48 invalidates this bullish scenario.

    Trading recommendations:
    As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  5. #15
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    Default Technical analysis of EUR/JPY for September 11, 2014 By Instaforex

    General overview for 11/09/2014 :15:30 CET
    Let's take a look on the big picture view for this pair as the recent impulsive bearish count has been invalidated due to wave 1 and wave 2 overlaps. The next best labeling that doesn't break any rules is a little more expanded in price and time corrective cycle in black wave X, that possibly had been completed at the level of 135.76. Now, another upside cycle has started. The target for this upward leg would be at the level of 139.26 where a long-term descending trend line is. Any breakout higher would be the first confirmation that the corrective cycle is completed and the price is going higher to complete purple wave 5 .

    Trading recommendations:
    Impulsive wave progression to the upside has not been finished yet and buying the dips is advised as the target for this bullish cycle is at the level of 139.26.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h4-jpg

  6. #16
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    Default Technical analysis of EUR/JPY for September 12, 2014 By Instaforex

    General overview for 12/09/2104 14:30 CET
    The wave progression is developing as per yesterday's h4 time frame chart. The projected target for wave (v) of the impassive leg is at the level of 139.26 as per older charts. The price is loosing its momentum and there is a clear bearish divergence building an awesome oscillator indicator. So, this could be another clue that the overall upward correction might be close to completion. Please keep an eye on price behavior at the projected target level as any impassive reversal is the first confirmation for the swing top in place.

    Trading recommendations:
    The current price levels are not the very best levels to open buy positions and bulls should consider exiting the long traders and watch the level of 139.26 for more clues of the further price direction.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  7. #17
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    Default Techncial analysis of EUR/JPY for September 15, 2014 By Instaforex

    General overview for 15/09/2014 09:40 CET
    The top for black wave B might be in place at the level of 139.16 as anticipated last week. Any impulsive bearish wave progression would be the first clue that the top is in and lower prices should be expected. The second clue might come from the key level breakout where supply will overcome the demand and confirm the lower prices are coming. The third clue will come from any corrective cycle bigger than 50 pips. Moreover, please notice the bearish divergence that has been building on both RSI and momentum oscillator (black arrows). Only a new high would invalidate the bearish bias.

    Trading recommendations:
    All swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible. Breakout below the level of 138.25 is the first strong confirmation that the top for wave B black is in place at the level of 139.16.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  8. #18
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    Default Technical analysis of EUR/JPY for September 16, 2014 By Instaforex

    EUR/JPY

    General overview for 16/09/2014 11:30 CET
    The market has bounced from the support level as anticipated and now the intraday range zone has been created between the levels of 138.42 (intraday support) and 138.83 (intraday resistance). Despite the fact, the first leg down from the wave B top at the level of 139.16 might be counted as five wave bearish impulsive decline, there is still no confirmation of any further impulsive downside wave development. The price is trading sideways and it might be counted as corrective wave ii but only a valid breakout below the key level zone makes that assumption more probable than any other.

    Trading recommendations:
    Not much to add here: all swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible. Breakout below the level of 138.25 is the first strong confirmation that the top for wave B black is in place at the level of 139.16.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  9. #19
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    Default Technical analysis of EUR/JPY for September 17, 2014 By Instaforex

    General overview for 17/09/2014 11:10 CET
    The corrective cycle in shape of an abc irregular flat is looking completed and a downtrend should resume soon now. Please notice, that any breakout higher above the level of 139.17 will invalidate the green bearish count and will make another high in black wave B possible. On the other hand, the downside will be confirmed if the grey area labeled as a supply breakthrough zone will be clearly violated. Otherwise the corrective cycle might get more complex and time-consuming.

    Trading recommendations:
    Swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible. Breakout below the level of 138.25 is the first strong confirmation that the top for wave B black is in place at the level of 139.16. Day traders that went short recently should place the SL order above the level of 139.17 with TP open for now. New high invalidates this idea.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  10. #20
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    Default Elliott wave analysis of EUR/JPY for September 18 - 2014 By Instaforex

    Technical summary:
    There was no time for a deeper red wave ii correction, than to 138.53 and the uptrend has resumed for a rally to important resistance at 143.79. It will be resistance at 143.79 which determines, whether a new long-term rally is developing or the correction from 145.69 will become more complex. We are trading this cross as if the correction from 145.69 is over and a new impulsive rally is developing. A clear break above 143.79 will call for a rally towards at least 167.09 and likely even higher to 186.63.

    Trading recommendation: We are long in EUR from 135.95 and will move stop higher to 138.50. If you are not long in EUR yet, then buy near 139.61 with the same stop at 138.50.
    Technical analysis of EUR/JPY By Instaforex-2014-09-18-eurjpy-8h-png

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