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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #21
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    Default Technical analysis of EUR/JPY for September 19, 2014 By Instaforex

    General overview for 19/09/2014 10:00 CET
    The impulsive structure is almost completed as the market enters the corrective cycle in green wave (iv). The first support level for this wave is at the level of 140.20 and the second support is at the level of 139.82. The shape of the corrective cycle is currently unknown, but the triangle is a rather possible outcome. When the correction is done, market should rebound and make a new high.

    Trading recommendations:
    Day traders might consider opening the buy positions from the level of 140.20 with SL below the level of 139.80 and TP at the level of 141.58.
    Swing traders should buy the dips in this market with initial SL below the level of 138.24 and open TP.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  2. #22
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    Default Technical analysis of EUR/JPY for September 22, 2014 By Instaforex

    General overview for 22/09/2014 09:45 CET
    The corrective cycle that had started after the swing high at the level of 141.22 was could belong to one of two possible wave progressions: the first one is an impulsive purple count with the invalidation line at the level of139.16 and the second one is larger degree blue impulsive count with the invalidation line at the level of 138.25. Although the bias remains bullish, traders need to wait for a trading range to be broken to draw more important conclusions about further wave developments.

    Trading recommendations:
    It looks like there is one wave to the downside missing. So, day traders should consider opening sell orders from the current price levels with SL above the level of 140.21 and TP below the level of 139.16.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  3. #23
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    Default Technical analysis of EUR/JPY for September 23, 2014 By Instaforex

    General overview for 23/09/2014
    None of the important key levels has been invalidated yet, so traders must wait for the market to make up its mind and give more clues about further price movement. Nevertheless, the corrective structure labeled as abc purple looks completed and market might start to rebound impulsively to the upside to continue the purple wave progression. This count is valid as long as the level of 139.16 is not violated.

    Trading recommendations:
    Last� wave to the downside has been made, so, day traders should consider opening buy orders from the current price levels with SL below the level of 139.16 and TP above the level of 140.26.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  4. #24
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    Default Technical analysis of EUR/JPY for September 24, 2014 By Instaforex

    General overview for 24/09/2014
    The rebound from wave (4) purple low hasn't been strong enough to breakout above the intraday resistance at the level of 140.21 and the price has failed there and got back into the trading range. Nevertheless, it looks like the first wave of the impulsive progression to the upside has been made (labeled as wave blue -i- ), the corrective cycle looks completed as well (labeled as wave -ii-) and now the market should develop another impulsive wave to the upside without breaking the intraday support at the level of 139.16. Any other market movement means that the key levels will be tested soon.

    Trading recommendations:
    The buy orders from yesterday should still be kept open as there is still a chance for a further upward wave progression. Sl is below the level of 139.16, TP is above the level of 140.26. Longer time frame TP points out towards the level of 141.27 and above.
    Technical analysis of EUR/JPY By Instaforex-newpicture2152-jpg

  5. #25
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    Default Technical analysis of EUR/JPY for September 25, 2014 By Instaforex

    General overview for 25/09/2014
    The purple impulsive count has been invalidated as wave (4) overlapped wave (1), so now the main count is the blue impulsive count. The corrective cycle looks to be completed and the pair might be ready to rebound and continue to move higher, but please notice, that any violation of the level of 138.25 invalidates this outlook. The first clue that the uptrend will be continued comes with the golden trendline breakout and then intraday resistance level breakout as well. Moreover, please be aware that the price is forming a falling wedge pattern as well.

    Trading recommendations:
    Day traders should consider opening buy positions only if the golden trendline is broken with SL below the level of 138.25 and TP open for now. Otherwise please refrain from opening positions.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  6. #26
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    Default Technical analysis of EUR/JPY for September 26, 2014 By Instaforex

    General overview for 26/09/2104
    This is the last call for bulls to make this pair go higher as the invalidation level is very close. The first bounce from the grey zone had produced the nice impulsive wave but to confirm the end of the corrective cycle in wave 2 blue the market must breakout of the golden falling wedge and test the weekly pivot at the level of 139.86. Any violation of the invalidation line at the level of 138.25 means the blue alternative count is in play and the market is back to the trading range.

    Trading recommendations:
    Yesterday's advise is still valid: buy positions should be opened only if the golden trendline is broken with SL below the level of 138.25 and TP open for now. Otherwise please refrain from opening positions.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  7. #27
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    Default Technical analysis of EUR/JPY for September 29. 2014 By Instaforex

    General overview for 29/09/2014
    The key reference level is still the blue impulsive count invalidation line at the level of 138.25. Any breakout lower is bearish and even the swing low at the level of 135.90 might be tested. On the other hand, according to the main count, the price might just have done a first important breakout out of the falling wedge pattern as the corrective cycle in wave -ii- blue looks completed. If it is so, then the price should start immediate impulsive wave progression to the upside without breaking the level of 138.25. A lack of such a pattern will question the current main count and make the alternative labeling more appealing, but not yet confirmed.

    Trading recommendations:
    Swing traders and day traders should consider opening buy positions from current price level with SL below the level of 138.25 and longer term TP at the level of 140.21 with a possible extension up to the level of 141.21.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  8. #28
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    Default Technical analysis of EUR/JPY for October 1, 2014 By Instaforex

    General overview for 01/10/2014
    The previous bullish impulsive count has been invalidated due to wave -1- and wave -2- overlaps. Currently, there are two possible counts with main one counting (a)(b)(c) three-wave sequence to the upside completed at the level of 141.20, and the alternative one (alt1), alt2)), that counts the possible impassive wave progression to the upside as a still possible. The recent retracement cycle has almost hit 61%Fibo at the level of 137.87 but it looks like the correction needs one more wave to the downside to complete the wave Z brown of the overall complex corrective cycle. The key level is a crucial zone to the upside, and only if this grey rectangular zone between the levels of 138.96 - 139.20 is clearly violated, bulls will regain control.

    Trading recommendations:
    Day traders should consider opening buy positions from the zone between 137.60 - 137.87, with SL just below the level of 137.59 and TP at the level of 139.20.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  9. #29
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    Default Technical analysis of EUR/JPY for October 2, 2014 By Instaforex

    General overview for 02/10/2014
    The corrective wave c purple is developing as expected. However, the target level has been broken and the market went a little lower to the 78%Fibo at the level of 136.96. Throughout the whole corrective structure traders can see a three almost equal length measurements in triple three corrective cycle labeled as WXYXXZ of the whole wave B. A rebound is expected here and further impulsive wave progression upward is anticipated. A failure to make this kind of wave progression will shift our focus on the level of 136.68 (88.8%Fibo) and then on invalidation line at the level of 135.81.

    Trading recommendations:
    Day traders should consider opening buy positions from current price levels, with SL below the level of 136.95 and TP level open for now. It might very good level to enter swing buy orders as well.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  10. #30
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    Default Technical analysis of EUR/JPY for October 3, 2014 By Instaforex

    General overview for 03/10/2014
    The bounce from the wave B low is currently in three waves but as long as the level of 137.40 is not violated this structure can still develop into full five wave impassive cycle. That would mean, the low for wave B has been established and now market has started another upward cycle in wave C. To accomplish that, the first intraday resistance at the level of 137.93 must be broken and market must impulsively move higher into the grey rectangle zone, marked on chart as demand breakthrough zone.

    Trading recommendations:
    Day traders should consider opening buy orders from current price levels with SL below the level of 137.39 and TP at the level of 138.78.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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