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Thread: EUR/JPY Forex Analysis By Instaforex

  1. #1
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    Default EUR/JPY Forex Analysis By Instaforex

    General overview for 03/02/2015
    The market is still moving inside the range between the levels of 132.38 - 134.33, and only an impulsive breakout above one of these levels would give more clues about further price development. Nevertheless, the bias is slightly bullish because the corrective wave progression does not look completed just yet and it is quite possible, that the wave (c) blue to the upside will be made sooner or later. The current corrective structure in wave (b) blue looks like a triangle pattern but it can change into even more complex and time-consuming cycle. Please watch the mentioned levels and trade accordingly.

    Trading recommendations:
    Because the market is still in the range zone, my recommendations are still the same as yesterday: daytraders should consider opening a buy stop orders from the level of 134.35 with SL below the level of 134.31 and TP at the level of 136.05 with a possible extension to the level of 137.64 later on.
    EUR/JPY Forex Analysis By Instaforex-eurjpy_h1-jpg

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    General overview for 04/02/2015
    The last impulsive wave up is in progress and the projected target is still at the level of 137.64. This target can be meet only if the intraday resistance at the level of 135.34 is violated in impulsive fashion. On the other hand, any downside extension below the level of 133.57 would mean that the top for the wave (c) blue is in place. Breakout below weekly pivot at the level of 132.37 supports the view.

    Trading recommendations:
    The buy orders recommended yesterday were in profit for some time but the overall extension to the upside has not been as big as expected and the SL levels were hit eventually. Currently two levels are in play (135.34 to the upside and 133.57 to the downside). Traders should keep an eye on the price behavior at this levels and trade accordingly.
    EUR/JPY Forex Analysis By Instaforex-eurjpy_h1-jpg

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    General overview for 04/02/2015
    The orange rectangle zone acted very well as the reversal/target zone for bulls. After hitting this zone the pair is in corrective decline that has almost 450 pips so far. This corrective cycle has been labeled as wave W brown and as the first leg of a possible more complex corrective cycle. The key level for the scenario is the intraday resistance at the level of 1.2552 and any breakout above this level means that the bottom for the wave W brown has been established. Please notice that the market has fallen out of the golden bullish channel too, but it has not entered the bearish zone yet.

    Trading recommendations:
    The sell orders from yesterday hit the TP level, and currently traders should refrain from trading and wait for clearer structure to emerge.
    EUR/JPY Forex Analysis By Instaforex-usdcad_h1-jpg

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    Technical summary:
    ​We have seen the expected consolidation and a break above 135.95. More importantly, a break above 136.35 will indicate that the final rally higher towards 137.65 is developing to end wave (iv) and set the stage for wave (v) lower to the ideal target of 125.98. At this point, only an unexpected direct break below support at 134.00 will indicate that the correction from 130.14 ended early and the decline towards 125.98 already is developing.
    EUR/JPY Forex Analysis By Instaforex-2015-02-13-eurjpy-4h-png

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    General overview for 16/02/2015
    The market is still trading inside the range zone between the levels of 134.71 - 135.67. The wave development looks uncompleted and there is still a room for one more wave to the upside. This scenario is possible only if the level of 136.67 is violated and the projected target is at the level of 137.64. On the other hand, any breakout below the level of 134.71 is bearish and the level of 133.69 might be tested next.

    Trading recommendations:
    Because the market is moving sideways, the recommendations has not changed; and there are still the same two scenarios to trade: Any breakout above the green trend line and further above the level of 136.67 is bullish and daytraders should consider placing buy orders only. Please set the SL rather tight (20-30 pips) and TP ant the level of 137.64. Any breakout below the level of 134.71 is bearish and daytraders should consider opening sell orders only. Please set the SL rather tight (20-30 pips) and TP at the level of 134.21 and 133.11.
    EUR/JPY Forex Analysis By Instaforex-eurjpy_h1-jpg

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    Technical summary:
    The picture is pretty much the same. We continue to look for the final zig-zag correction from 130.14, which ideally should continue higher towards 137.65 before wave (iv) is over, and a wave (v) lower towards 125.98 is expected. In the short term only a direct break below support at 133.92 will indicate that wave (iv) already is over and wave (v) lower to end wave C of the expanded flat correction is developing.

    Trading recommendation:
    We will sell the euro at 137.55 or upon a break below 133.92.
    EUR/JPY Forex Analysis By Instaforex-2015-02-18-eurjpy-4h-png

  7. #7
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    Technical summary:
    We still favor a final rally towards 137.65 as long as support at 133.92 protects the downside. However, once resistance at 137.65 has been tested or an early break below 133.92 has been seen, we should look for the final decline in wave C of the expanded flat correction, that has been building since late December 2013. This final decline should ideally reach 125.98 before a new impulsive rally should be expected.

    Trading recommendation:
    We will sell EUR at 137.55 or upon a break below 133.90.
    EUR/JPY Forex Analysis By Instaforex-2015-02-20-eurjpy-4h-png

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analysis, breakout, change, channel, eur, forex, forex analysis, instaforex, intraday, pattern, pivot, profit, resistance, stop, time, trading, upside

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