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Thread: Technical analysis of EUR/JPY By Instaforex

  1. #1
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    Default Technical analysis of EUR/JPY By Instaforex

    General overview for 18/08/2014 09:30 CET

    The corrective cycle in wave 2 of 3 has been completed in a zig-zag shape. Now, this pair is in an impulsive decline and only a breakout above the level of 138.02 invalidates the bearish outlook. The orange rectangular zone is the target for green wave (ii) to complete and then a decline should resume. The first clue supporting this view is the level of the 136.75 breakout. The mid-term bias is still bearish.

    Trading recommendations: Day traders and swing traders should consider opening SELL orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45.

    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for August 19, 2014

    General overview for 19/08/2014 09:30 CET
    So far, the wave progression supports the view of more impulsive downside development. The key level to keep an eye of is the intraday support at the level of 136.75. Breakout lower would be bearish and lower prices might be hit very quickly. On the other hand, the orange rectangular area has not been hit yet and the market might be developing more complex purple wave b (ie: triangle formation) and then move higher for the last wave upwards, hit the target zone and decline towards the 136.75 level.

    Trading recommendations:
    sell orders form the level of 137.40 with SL above the level of 137.60 and TP below the level of 136.45 has not been triggered, but this is still an option to trade. The other trading possibility to consider is to trade the intraday support level breakout with entry at the level of the 136.74 and using the same SL and TP as above.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for August 20, 2014

    General overview for 20/08/2014 13:50 CET
    The target zone market as the orange rectangle on the chart has finally been hit as the corrective green wave (ii) has been developing a little more longer that anticipated. Currently, traders should expect an impulsive wave progression to the downside with the breakout of the weekly pivot level and then intraday support level.

    Trading recommendations:
    Buy orders opened at the beginning of the week should be still kept open with the first target at the level of 1.0984 with a very possible extension up to the level of 1.1020.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

  4. #4
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    I'm bullish on EURJPY if it breaks the 138 level, there is accumulation behind.
    Technical analysis of EUR/JPY By Instaforex-eurjpyh1-png

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    Default Technical analysis of EUR/JPY for August 21, 2014

    General overview for 21/08/2014 09:50 CET
    Despite hitting the target zone, the market is not going down in the impulsive manner. So, the outlook has been a little changed to put the emphasis on more complex wave 2 of 3 progression in shape of the WXY complex corrective structure. A very important level that will act as an invalidation line is the level of 138.02. Any violation of this levels means the bearish impulsive scenario is invalidated and higher prices will be seen soon. Otherwise, the outlook is still bearish as long as this level holds.

    Trading recommendations: Please refrain from trading until a clear pattern occurs.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for August 22, 2014

    General overview for 22/08/2014 10:00 CET
    This is the last chance scenario for bears impulsive count before the level of 138.02 will be violated and the impulsive count invalidated. Breakout below the golden trendline is the key for further downside move.

    Trading recommendations:
    Day traders should consider opening sell orders from the current market price with SL above the level of 138.02 and first TP at the level of 137.45.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for August 25, 2014

    General overview for 25/08/2014 10:00 CET
    The wave 2 of 3 high at the level of 137.98 is the point of the reference for the further wave progression in this pair. The overall cycle is bearish. Currently, the market should gain more momentum as the wave -iii- to the downside is in progress. The intraday support level has been broken. The market is in the neutral zone and only a sustained breakout above the golden trendline could make the bulls regain the control. Otherwise, more downward price target should be seen soon, with the first support at the level of 136.85.

    Trading recommendations:
    The short orders from the last week with SL above the level of 138.02 should be still kept open. New short orders can be added from the current price levels with the same SL as before and TP at the level of 136.70 with a very possible downside extension to the level of 135.70.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for August 26, 2014

    General overview for 26/08/2014 14:30 CET
    There are some first indications that the impulsive green wave (i) has been completed and now the market is in a corrective cycle of green wave (ii). Any breakout below the level of 136.98 confirms the bearish bias and lower prices should be expected soon. Moreover, breakout below the level of 136.74 is even more negative as this is a bearish zone entrance. On the other hand, only a breakout above the last high at the level of 138.02 invalidates the bearish impulsive outlook.

    Trading recommendations:
    The situation hasn't changed much since yesterday, so the short orders from the last week with SL above the level of 138.02 should be still kept open. New short orders can be added if the level of 136.98 is violated again, with the same SL as before and TP at the level of 136.70 with a quite possible downside extension to the level of 135.70.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for August 27, 2014

    General overview for 27/08/2014 09:50 CET
    So far, the market is developing according to the anticipated wave progression. However, currently it is stuck in the internal corrective cycle in the middle of the range zone, so traders need to wait for any decisive level breakout. There are two key price levels now, one for bears, one for bulls and the one that is violated first will give further clues about the market direction.

    Trading recommendations:
    The short orders from the last week with SL above the level of 138.02 should be still kept open. New short orders have been added yesterday at the level of 136.98, with the same SL as before and TP at the level of 136.70 with a quite possible downside extension to the level of 135.70.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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    Default Technical analysis of EUR/JPY for August 28, 2014

    General overview for 28/08/2014 13:00 CET
    The impulsive wave progression to the downside has been developing properly during the last four days. Now, the outlook remains the same: more downside is being expected as the impulsive structure has not been completed yet. There is a possible test of the level of 136.76 but the the failure is expected and downtrend should resume. The first projected target is at the level of 135.67.

    Trading recommendations:
    The short orders from the last week are still opened and the TP is at the level of 136.70 with a quite possible downside extension to the level of 135.70.
    Technical analysis of EUR/JPY By Instaforex-eurjpy_h1-jpg

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