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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #81
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    Default Technical analysis of EUR/JPY for January 16, 2015 By Instaforex

    General overview for 16/01/2015
    The market keeps falling further and currently is very close to invalidate the main count. Any violation of the level of 134.12 is a direct main count invalidation. It means, that the big impulsive cycle to the upside has been completed and now the market is in corrective cycle that looks like a zig-zag (or double zig-zag). Moreover, the corrective cycle has not been finished yet and more downside prices are expected then. Only a sustained breakout above the level of 137.01 would confirm a possible rebound of this market.

    Trading Recommendations:
    Daytraders should consider opening buy positions only if the level of 137.01 is clearly violated with SL below the level of 134.12 and open TP level for now.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  2. #82
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    Default Technical analysis of EUR/JPY for January 19, 2015 By Instaforex

    General overview for 19/01/2015
    Despite possible downside wave development completion, the market still trades inside the bearish zone, below the weekly pivot at the level of 136.80 and below the intraday resistance at the level of 137.02. These two levels must be broken to start an upward move, but the confirmation will come with the level of 138.90 violation. Otherwise, there is still a chance the market will fall lower, below the 134.74 intraday support level.

    Trading recommendations:
    Daytraders and swingtraders should consider opening buy orders if the level of 137.02 is broken, with SL below the level of 134.72 and TP at the level of 138.90 with a possible upside extension.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  3. #83
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    Default Elliott wave analysis of EUR/JPY for January 21 - 2015 By Instaforex

    Technical summary:
    We can count five waves up from the 134.71 low. The following correction has stopped exactly at the 61.8% corrective target of the rally from 134.71 to 137.64. Ideally this support will continue to protect the downside for a break above minor resistance at 136.45 and more importantly a break above resistance at 137.27 confirming the next impulsive rally higher towards at least 138.75 and more likely even higher towards 140.56 to confirm the 134.71 low as an important low.

    Trading recommendation:
    We are long EUR from 136.88 with a stop placed at 135.10. If you are not long EUR yet, then buy near 135.83 with a stop at 135.10 too.
    Technical analysis of EUR/JPY By Instaforex-2015-01-21-eurnzd-15m-png

  4. #84
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    Default Elliott wave analysis of EUR/JPY for January 22 - 2015 By Instaforex

    Technical summary:
    The 61.8% corrective target at 135.83 protected the downside to perfection. Now, we should see minor support at 136.24 protect the downside for a break above the top of wave i at 137.64 confirming that wave iii higher to 140.54 is developing. A break below support at 136.24 would arouse concern and indicate a deeper correction from the 137.64 high to the 70.7% corrective target at 135.56.

    Trading recommendation:
    We are long EUR from 136.88 and we will move our stop higher to 136.20. If you are not long EUR yet, then buy near 136.24 with a stop at 136.20
    Technical analysis of EUR/JPY By Instaforex-2015-01-22-eurjpy-8h-png

  5. #85
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    Default Elliott wave analysis of EUR/JPY for January 23 - 2015 By Instaforex

    Technical summary:
    We are back at the "Make it or break it" point at 134.13 (the low till now has been 134.21). As long as we stay above support at 134.13, the bullish scenario is still the preferred count, but a break above minor resistance at 135.22 is needed to signal a bottom could be in place. To confirm that a bottom indeed is in place, a break above resistance at 137.01 is needed. If however, important support at 134.13 is broken, the the entire rally from 94.10 needs to be reviewed and a continuation lower towards 128.37 should be expected.

    Trading recommendation:
    We took a small loss at 136.20. We will buy EUR upon a break above 135.22 with a stop+reverse at 134.10
    Technical analysis of EUR/JPY By Instaforex-2015-01-23-eurjpy-8h-png

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    Default Technical analysis of EUR/JPY for January 27, 2015 By Instaforex

    General overview for 27/01/2015
    The most important level that, if broken, could ignite the bullish wave progression to the upside has not been violated yet. This level is the intraday resistance at the level of 134.19. It looks like the market has made five waves to the upside and now it will try to test the intraday resistance at the level of 131.83. If this support is broken, then the next support is at the local swing low at the level of 130.14. Please notice, that the market is still trading inside the bearish zone and the corrective wave 4 black might still be in progress.

    Trading recommendations:
    Below the level of 134.19 choppy trading conditions are expected as the market might be making wave 4 black in shape of a triangle or any other corrective shape. This is why daytraders should consider opening only sell orders with SL just above this level, using any scalping strategy to gain 20-30 pips.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for January 28, 2015 By Instaforex

    General overview for 28/01/2015 14
    The very well defined intraday resistance at the level of 134.21 still keeps a lid on any market rallys. This is why any breakout higher above this level will be crucial for market to define the low for the wave 3 black. Current wave progression looks like a beginning of a zig-zag shaped corrective cycle due to its impulsive development. To continue higher with this kind of progression, the market must bounce from the intraday support at the level of 132.46 or 131.83 and make a new local high above the level of 134.21.

    Trading recommendations:
    As long as the market trades below the level of 134.21, choppy trading conditions are expected, as the market might be making wave 4 black in shape of a triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish; buy orders should be opened with SL below one of the intraday support levels.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for January 29, 2015 By Instaforex

    General overview for 29/01/2015
    The yesterday's intraday support levels have been identified correctly and they are still providing the support for the price. The downside breakout is the crucial move on this market right now as it can be a part of a larger wave (b) blue progression. Nevertheless, the market is still developing the corrective wave 4 black and only a breakout below the level of 130.14 would invalidate this view

    Trading recommendations:
    Not much has changed since yesterday: the market still trades below the level of 134.21. Choppy trading conditions are expected as the market might be making wave 4 black in a shape of triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish and buy orders should be opened with SL below one of the intraday support levels.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for January 30, 2015 By Instaforex

    General overview for 30/01/2015
    The wave progression inside the sub-wave (b) blue has a corrective shape and the market is trading inside the intraday range zone between the levels of 132.48 - 134.21. The intraday resistance has been tested twice already and now it will act as a strong resistance level, so any potential breakout above the level will be severe. Please notice that there is missing wave (c) blue to the upside, so now if the level of 134.21 is violated, the wave (c) blue should be impassive rally towards the level of 137.63.

    Trading recommendations:
    Not much has changed since yesterday: the market still trades below the level of 134.21. Choppy trading conditions are expected as the market might be making wave 4 black in a shape of triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish and buy orders should be opened with SL below one of the intraday support levels.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  10. #90
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    General overview for 09/02/2015
    The corrective cycle in the wave 4 looks more complex than a simple corrective cycle but the overall bias still remains bearish. To continue to the downside, the price must break out of the golden corrective trend channel and violate the level of 132.32 in impulsive way. Otherwise, the corrective cycle might still continue to extend higher towards the level of 137.64. However, this move is possible only if the intraday resistance at the level of 135.36 is broken

    Trading recommendations:
    Daytraders should consider opening sell orders from the current price levels with SL above the level of 135.36 and open TP level for now.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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