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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #41
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    Default Technical analysis of EUR/JPY for October 21 2014 By Instaforex

    General overview for 21/10/2014
    Quiet trading conditions have caught the current market in a range zone between the levels of 136.26 - 137.00, but the more expected breakout of this range seems to be to the upside as the internal sub-cycles have not been completed yet. For the upside cycle, the projected target levels are in the supply zone between the levels of 137.77 - 139.94 and price should be capped around this zone and reverse.

    Trading recommendations:
    The market is still trading above the level of 135.99 and the intraday uptrend is intact - higher prices are expected here. Please notice that this is wave B which is making such trading conditions. It might get choppy but overall buying the dips is the way to trade this market.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  2. #42
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    Default Technical analysis of EUR/JPY for October 23, 2014 By Instaforex

    General overview for 23/10/2014
    The complex corrective structure in wave -ii- blue looks to be completed and impulsive bullish breakout above the descending golden channel is the first confirmation that higher prices should be seen soon. The first target is at the level of 137.00 but even higher extension above this level is expected, up to the level of 137.93. On the other hand, any failure here on this key level would possibly lead to the test of the golden channel lower trend line before any impulsive wave progression will continue.

    Trading recommendations:
    Buying the dips advised yesterday was very profitable and now partial profit taking might take place at the current price levels. Swing traders should put SL below the level of 135.27 and wait for further impulsive wave progression to the upside.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  3. #43
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    Default Technical analysis of EUR/JPY for October 29, 2014 By Instaforex

    General overview for 29/10/2014
    As anticipated yesterday the one to one equal legs market geometry level has been hit in wave c green, the three wave corrective structure is completed and the recent high at the level of 138.03 has been labeled as wave B black. There is still a possibility that this wave c green will be extended to the upside but in that case the market can not move below the intraday support at the level of 137.25. Moreover, a clear violation of this level would mean the next target for support will be at the key level for bull at the level of 136.48. It this one is broken, then the floodgate is open and there is merely any support down to the level of 134.10.

    Trading recommendations:
    Traders should consider to open sell positions from the current market levels, with SL above �the level of 138.11 and TP below the level of 137.25.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  4. #44
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    Default Technical analysis of EUR/JPY for October 30, 2014 By Instaforex

    General overview for 30/10/2014
    As anticipated two days ago the one to one equal legs market geometry pattern between waves a and c green has been completed and supply zone has provided the resistance necessary to move the market down. Currently it looks like intern sub-cycle wave -i- is completed and now the market is in wave -ii- of the cycle. When the correction is finished, the market should break below the level of 137.25 in impulsive fashion and continue lower. Nevertheless, the key support for the bulls is still at the level of 136.48 and only a breakout below this level confirms the top for wave B black at the level of 138.04. On the other hand, any breakout higher above the supply zone invalidates the immediate impulsive bearish scenario.

    Trading recommendations:
    Sell positions opened yesterday should still be kept open. Just to remind you: SL above the level of 138.11, TP below the level of 137.24
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  5. #45
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    Default Technical analysis of EUR/JPY for October 31, 2014 By Instaforex

    General overview for 31/10/2014 08:20 CET
    After the fundamental news release from Japan, this market spiked way much higher, breaking the supply zon and technical resistance. For now, it has stopped just shy of the longer term golden trendline that can be seen on this H4 time frame chart. If we take a look a little closer, we might see the upward progression in three waves so far. It has hit the next Fibo extension at the level of 138.89 (161%(a)=(c)). Currently, two scenarios are possible: either this wave up will continue to the golden trendline and then reverse, or the market is loosing steam already and some corrective cycle to the downside is needed.

    Trading recommendations: Day traders and swing traders should refrain from trading until clear pattern will emerge.

    Technical analysis of EUR/JPY By Instaforex-eurjpy_h4-jpg

  6. #46
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    Default Technical analysis of EUR/JPY for November 3, 2014 By Instaforex

    General overview for 03/11/2014
    The previous count that indicated a somewhat extended corrective cycle in wave B black has been invalidated when the market made a new high above the wave (xx) brown high. That means the wave (Z) brown of the correction has been completed and now it looks like the market has started a new impulsive wave to the upside. This assumption will be confirmed if all supply levels on a daily chart are violated. Those levels are: 142.02 - 142.42, 143.35 - 143.85 and 144.98 - 145.65 zone. On lower time frames, we can see an impulsive wave development to the upside that starts with waves 1 and 2 blue, then waves (i) and (ii) green and currently wave (iv) green is in progress. The support comes at the level of 140 and any breakout higher above the level of 143.36 is bullish.

    Trading recommendations:
    Day traders should consider to open short orders at the current price levels with SL just above the level of 143.37 in order for a corrective cycle in wave (iv) green to continue to the downside a little bit. TP orders should be placed at the level of 140.11.

    Technical analysis of EUR/JPY By Instaforex-eurjpy_d1-jpg

  7. #47
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    Default Technical analysis of EUR/JPY for November 5, 2014 By Instaforex

    General overview for 05/11/2014
    The five impulsive waves to the upside that were a part of bigger wave 3 blue has been completed and the price has hit the larger time frame supply zone (daily chart). Currently, a corrective cycle is needed and the first support levels are intraday support at the level of 142.55 and technical support at the level of 141.69. The current pattern of the corrective cycle is unknown but it is very possible that wave 4 blue will be in the shape of a triangle formation.

    Trading recommendations:
    The advised buy orders should still be in play but the SL level should be moved just below the level of 143.00. The TP level has not been hit yet (20 pips miss), but is it still possible that it will be hit later today.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for November 6, 2014 By Instaforex

    General overview for 06/11/2014
    The corrective cycles anticipated yesterday hasn't been that deep as anticipated so small change in labeling has been made. The top for wave 3 blue has been established at the level of 144.22 and now corrective cycle is due. This point of view is being supported by multi-timeframe bearish divergence that is clearly visible on hourly RSI chart. The other thing that supports the corrective case is the daily time frame supply zone that has just been hit. The fist indication of a corrective cycle development is intraday support breakout at the level of 142.54.

    Trading recommendations:
    The advised TP level has been hit (and broken). So not all day traders should refrain from trading before a main fundamental event (ECB news release) and all swing traders should move the SL just below the level of 142.98.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  9. #49
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    Default Technical analysis of EUR/JPY for November 7, 2014 By Instaforex

    General overview for 07/11/12014
    Just as anticipated yesterday, the market has made three wave correction to the level of 142.18 that will be acting as an intraday support now. It doesn't look like the corrective cycle has been finished and at least one more wave down is being expected here to complete the cycle. The intraday resistance at the level of 142.89 should not be broken and market should make another leg down to the level of 141.70 before any meaningful bounce occurs. Please notice that the corrective cycle might evolve into more complex and time consuming correction in a shape of a triangle.

    Trading recommendations:
    Day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  10. #50
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    Default Technical analysis of EUR/JPY for November 11, 2014 By Instaforex

    General overview for 11/11/2014
    There is not enough evidence to assume the recent wave development is a completed corrective cycle in blue wave 4. Now, the new impulsive wave to the upside has started. The reason is that the corrective cycle can still be labeled as a more complex and time-consuming cycle in the shape in an irregular flat correction (alternative labeling). Only a clear breakout above the level of 144.22 would put this possibility into question.

    Trading recommendations:
    Yesterday buy orders have not been triggered and now the outlook is still uncertain, so traders should refrain from trading until clear pattern emerge.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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