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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #51
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    Default Technical analysis of EUR/JPY for November 12, 2014 By Instaforex

    General overview for 12/11/2014
    It looks like five impulsive waves on the larger 4H time frame have been made and now the market should start a corrective cycle. There is a clear one to one price and time ratio between wave 1 and wave 5 and bearish divergence supports the view as well. On lower time frames, the key support is at the level of 142.10 and breakout lower is the first clue that the short-term top is in place.

    Trading recommendations:
    Day traders should consider to sell orders from the level of 143.68 with SL above the level of 144.68 and TP at the level of 142.11 with a possible downward extension to the level of 141.36.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h4-jpg

  2. #52
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    Default Technical analysis of EUR/JPY for November 13, 2014 By Instaforex

    General overview for 13/11/2014
    The corrective cycle continues to develop with first purple wave a completed. Currently, the purple wave b is still in progress and when it is completed the possible last wave to the downside will be made - purple wave c. Please notice that the alternative count still indicates a possibly more complex in time, price wave 4 purple (alt:4), and one more leg to the upside. New high above the level of 144.70 would support this view. New high above the level of 144.70 would support this view.

    Trading recommendations:
    Still the sell orders from the level of 143.68 should be kept open, with SL above the level of 144.68 and TP at the level of 142.11 with a possible downward extension to the level of 141.36.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  3. #53
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    Default Elliott wave analysis of EUR/JPY for November 13 - 2014 By Instaforex

    Technical summary:
    The correction in wave iv is still unfolding and we should soon see a break below 143.75 and more importantly below 143.45 calling for a decline to 142.46 and possibly even slightly lower to 142.06 before the final rally in wave v higher towards 145.21 will follow. Only a direct break above 144.43 will indicate, that wave iv already is in place and wave v higher is developing.

    Trading recommendation: We will buy EUR at 142.20 with a stop at 141.75
    Technical analysis of EUR/JPY By Instaforex-2014-11-13-eurjpy-8h-png

  4. #54
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    Default Elliott wave analysis of EUR/JPY for November 14 - 2014 By Instaforex

    Technical summary:
    The decline from 144.71 has been way to small wave iv correction. So, we have changed our count slightly that wave iii ended at 144.20 and wave iv corrected exactly 23.6% of wave iii. That means we are currently in wave v higher towards 145.92 as the first possible target, with the possibility of an extension higher towards 148.30. Short-term support at 144.22 ideally will protect the downside for the break above 144.71 confirming the rally higher to 145.92.

    Trading recommendation: We will buy a test of 144.22 or a break above 144.71 with a stop at 144.00 and we will place take profit at 145.75.
    Technical analysis of EUR/JPY By Instaforex-2014-11-14-eurjpy-8h-png

  5. #55
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    Default Elliott wave analysis of EUR/JPY for November 18 - 2014 By Instaforex

    Technical summary:
    ​Despite a new high at 146.69, the odds favor this as being a b-wave rally of an expanded flat correction, this means that we should still see an impulsive decline in wave c soon towards 142.06. A break below support at 145.35 will confirm the rally to 146.69 as being a b-wave and tell us that wave c lower is developing. The risk is a bottom above 145.35 followed by a new rally to above 146.69 calling for a new top near 147.00 before the top finally is in place. Ideally, resistance at 146.50 will protect the upside for now.

    Trading recommendation:
    Our short position from 145.75 was stopped out at 146.60, but we will sell EUR again at 146.35 with a stop at 146.75.
    Technical analysis of EUR/JPY By Instaforex-2014-11-18-eurjpy-8h-png

  6. #56
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    Default Elliott wave analysis of EUR/JPY for November 19 - 2014 By Instaforex

    Technical summary:
    The possible b-wave of the expanded flat pattern has extended higher and is closing in on the maximum target at 147.59. This resistance has to protect the upside for a break below support at 147.00 and more importantly below support at 146.78 confirming that wave c lower to 142.05 is developing. However, if resistance at 147.59 is broken too, then the potential b-wave count will be invalidated. Instead, the count shifts to wave (v) still being in action towards 148.30 before the correction lower.

    Trading recommendation:
    ​Our long from 146.35 was stopped at 146.75 with a small loss. We are still looking to sell and will sell EUR again at 147.50 or upon a break below 147.00 with a stop at 148.50
    Technical analysis of EUR/JPY By Instaforex-2014-11-19-eurjpy-8h-png

  7. #57
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    Default Technical analysis of EUR/JPY for November 19, 2014 By Instaforex

    General overview for 19/11/2014
    This pair keeps going up, making only a small corrections on the way up and widening the divergence between the momentum oscillator and the price. Still, the most preferred count is a large, irregular flat corrective abc green wave, that might target even the level of 143.30 ( if wave c green is extended). The first confirmation comes with breakout of the 145.72 level to the downside and another test of the weekly pivot at the level of 145.02. When the technical support at the level of 144.77 is violated as well, then the next target would be lower, at the level of 143.30. If this count is correct, then the wave c green down should be sudden, sharp and clearly impulsive.

    Trading recommendations:
    Only the breakout below the level o f 146.31 is a valid signal to open sell positions again with the reasonable SL level (preferably above the latest intraday high). The TP should be placed at the level of 144.77 and the longer term TP at the level of 143.30.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for November 17, 2014 By Instaforex

    General overview for 21/11/2014
    The corrective cycle is developing just as anticipated. Now, the question remains whether this corrective wave (iv) green has been completed or if this is only the beginning of more complex and time-consuming corrective cycle in shape of a triangle. So far, the price action that would confirm the bottom in wave (iv) green and immediate trend reversal would be an impulsive wave progression to the upside, that would easily violate the golden channel and make a new high above the level of 149.15. On the other hand, any new low below the level of 147.46 would mean the market might make more complex and time-consuming correction. The key level here that should act as support is the level of 146.53.

    Trading recommendations:
    As advised yesterday, the first level to join the uptrend should be at the level of 147.42. There is nothing wrong to still keep this trade running, but please set the SL rather tight, like 20-30 pips for intraday trading as the corrective cycle might get more complex if the intraday support is violated. TP level should be placed at the level of 148.37 - 149.57 zone.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  9. #59
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    Default Elliott wave analysis of EUR/JPY for November 24 - 2014 By Instaforex

    Technical summary:
    The decline from 149.13 does have impulsive characters. Short term, we will be looking for resistance next to 147.01 for one more impulsive decline to the 144.83 - 145.25 area to end wave a of the correction. We will be looking for a deeper decline in wave (ii) towards 142.06 before the correction in wave (ii) is over and wave (iii) higher is expected.

    Trading recommendation: We will sell EUR at 146.90 with a stop at 147.92 and take profit at 145.50.
    Technical analysis of EUR/JPY By Instaforex-2014-11-24-eurjpy-15m-png

  10. #60
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    Default Elliott wave analysis of EUR/JPY for November 25 - 2014 By Instaforex

    Technical summary:
    The rally in wave (i) to 149.13 became a bit unusual as the rally ended at 149.13, where it was 423.6% the distance traveled in wave i added to the top of wave i. Looking at the upper chart, we can see that these former resistance points now act as both support and resistance as the correction from 149.13 is unfolding. The decline from 149.13 was halted at the 300% extension target for a minor rally to the 361.8% extension target before turning lower again. We will now be looking for the next part the decline from 149.13 lower to 144.58 before the next minor rally. In the short term, we expect minor resistance at 146.85 to protect the upside for the next decline towards 144.58.

    Trading recommendation:
    We sold EUR at 146.90 and will move our stop lower to 147.50 and place take profit at 144.75. If you are not short in EUR yet, then sell near 146.85 with the same stop and take profit levels.
    Technical analysis of EUR/JPY By Instaforex-1416905315_2014-11-25-eurjpy-8h-png

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