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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #71
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    Default Elliott wave analysis of EUR/JPY for December 24 - 2014 By Instaforex

    Technical Summary:
    We are still looking for a rally slightly higher to 148.23 to end wave x and then we should see the next decline towards 142.06. If, however, the resistance at 148.23 is broken the corrective pattern changes to a flat correction, that would call for a rally to 149.78 before we should expect the next move lower. We are in a small wave (ii) correction and once this correction is over, new highs above 149.78 should be seen.

    Trading Recommendation:
    We long EUR from 147.05 with stop placed at 145.90. We will move stop higher to 146.40 once minor resistance at 147.15 is broken, and keep our take profit at 148.05
    Technical analysis of EUR/JPY By Instaforex-2014-12-24-eurjpy-8h-png

  2. #72
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    Default Technical analysis of EUR/JPY for December 26, 2014 By Instaforex

    General overview
    There are two possible scenarios for the current wave progression. The main scenario indicates a completed corrective structure in wave 2 red and a possible start of the impulsive wave development to the upside. The alternative scenario suggests a more complex structure in wave 2 red that is still developing to the downside and the recent wave progression is a wave alt:XX brown of the overall corrective structure. That means, there is one more wave to the downside missing to complete this structure, and then an impulsive rally up is anticipated. The key level for both scenarios is at the level of 148.23 as any breakout higher favors main scenario, and any failure there favors the alternative scenario

    Trading recommendations:
    As long as the golden trend line is not broken, the bias is bullish, and traders should consider opening buy orders only. The SL orders still should be placed below the 146.34 level, and TP orders should be placed at the level of 148.23. Please notice the liquidity is getting low, and the market moves might get very sharp and sudden in either direction
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  3. #73
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    Default Technical analysis of EUR/JPY for December 31, 2014 By Instaforex

    General overview for 31/12/2014
    The yesterday's intraday support has been taken out, the market has made a fresh new lows but it failed so far to follow through with the decline. The nea�-term outlook remains the same with two possible scenarios available. The main scenario indicates a completed corrective cycle in wave XX brown, and another leg to the downside is being expected to complete the last wave Z brown in wave 2 red. The alternate outlook indicates an unfinished wave XX brown in a shape of an irregular flat correction, where wave (a) and (b) blue are done and now wave (c) blue to the upside is anticipated. The confirmation of the main scenario comes with a rejection of the level of 146.43. On the other hand, the confirmation of the alternative outlook comes with a violation of the level of 146.43. Any new low below the level of 144.97 supports the main scenario.

    Trading recommendations:
    Daytraders should refrain from trading for now. Please use tight SL orders as the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  4. #74
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    Default Elliott wave analysis of EUR/JPY for January 2 - 2015 By Instaforex

    Technical summary:
    Wave y of the double zig-zag combination is currently unfolding. After a minor correction to 145.70, we will be looking for the next decline towards 143.56 and 142.44. It will take an unexpected rally above resistance at 147.22 to invalidate the expected decline.

    Trading recommendation:
    We sold EUR at 145.90 and will move our stop lower to break-even. If you are not short EUR yet, then sell it near 145.70 with the same stop at 145.90.
    Technical analysis of EUR/JPY By Instaforex-1420178467_2015-01-02-eurjpy-8h-png

  5. #75
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    Default Elliott wave analysis of EUR/JPY for January5 - 2015 By Instaforex

    Technical summary:
    We have seen a low at 142.88. In the short term we expect minor resistance at 144.12 to protect the upside for the next decline towards 142.44 to end wave y and possibly wave (ii). Only a direct break above 144.12 and more importantly a break above resistance at 144.65 will indicate that wave y already has finished and a new rally towards at 145.57 in a new x-wave. Only a break above 146.42 will confirm that the correction in wave (ii) is over and wave (iii) higher is developing.

    Trading recommendation:
    We are short EUR from 145.90 and will move our stop lower to 144.70 and take profit at 142.55. If you are not short EUR yet, then sell it near 144.12 with a stop at 144.70 and take profit at 142.55
    Technical analysis of EUR/JPY By Instaforex-2015-01-05-eurjpy-8h-png

  6. #76
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    Default Elliott wave analysis of EUR/JPY for January 6 - 2015 By Instaforex

    Technical summary:
    We have now seen the expected decline to the 142.44 target (the low has been 142.26). We could still see a move slightly lower to 142.06, but a bottom should be close by. In the short term a break above minor resistance at 142.97 will be the first indication of a possible bottom, while a break above resistance at 144.16 is needed to confirm the bottom for a rally towards at least 145.57 and above that level a return to the 149.78 high and above would be confirmed.

    Trading recommendation:
    We took profit on our short EUR position from 145.90 at 142.55. We will buy EUR at 142.10 or upon a break above 142.97. The stop will be placed at 141.50.
    Technical analysis of EUR/JPY By Instaforex-2015-01-06-eurjpy-8h-png

  7. #77
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    Default Elliott wave analysis of EUR/JPY for January 8, 2015 By Instaforex

    Technical summary:
    The minor correction from 140.56 is likely to end near 142.00 for the final decline towards the ideal target at 140.12, where the entire correction from 149.78 is expected to terminate. Once the low is in place, a new impulsive rally higher is expected to move above the 149.78 high. In the short term, only an unexpected rally above 142.97 will be the first strong indication that a bottom is already is in place.

    Trading recommendation:
    We will buy EUR at 140.25 with a stop at 139.60.
    Technical analysis of EUR/JPY By Instaforex-2015-01-08-eurjpy-8h-png

  8. #78
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    Default Technical analysis of EUR/JPY for January 8, 2015 By Instaforex

    General overview for 08/01/2015
    The market is trying to resume the uptrend but has been of no avail so far. The first intraday resistance at the level of 141.68 still puts a cap on any meaningful rebound and this level is the key level to succeed in an impulsive wave development. The price stays inside of the intraday trading range between the levels of 140.54 - 141.68 and only a breakout above/below any of the levels will give more clues about the further market movement. Please note that the bias is still bullish and the bullish divergence on momentum oscillator supports this view.

    Trading recommendations:
    We still keep buy orders opened from a couple of days ago, with SL below the level of 140.54 and TP at the level of 144.42. The next good level to add to existing positions is at the level of 143.17.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  9. #79
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    Default Elliott wave analysis of EUR/JPY for January 9, 2015 By Instaforex

    Technical summary;
    The correction we were looking for ended at 142.73 against our ideal target at 142.78 before turning lower again towards the ideal downside target at 140.12. Once the ideal downside target at 140.12 has been tested, we think the risk will shift towards the upside for a new impulsive rally to above the top at 149.78, but first let's focus on finishing the downside near 140.12.

    Trading recommendation:
    We will buy EUR at 140.25 with a stop placed at 139.60

    Technical analysis of EUR/JPY By Instaforex-2015-01-09-eurjpy-8h-png

  10. #80
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    Default Elliott wave analysis of EUR/JPY for January 12 - 2015 By Instaforex

    Technical summary:
    As expected, the 61.8% corrective target at 140.12 been been tested (the low has been at 140.08). Now, we will be looking for confirmation that the correction from 149.78 is over. The first small indication of a bottom is a break above minor resistance at 140.52 and strong confirmation will be given upon a break above resistance at 141.73 calling for a new rally towards at least 145.35. Above here, calls for a retest of the 149.78 high are on the way higher. That said, as long as minor resistance at 140.52 protects the upside, we must admit the possibility of a move slightly lower to 139.22 before the bottom finally is in place.

    Trading recommendation:
    We bought EUR at 140.25 and will place our stop at 139.60
    Technical analysis of EUR/JPY By Instaforex-2015-01-12-eurjpy-8h-png

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