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  #1  
Old 27-07-2015, 11:11 PM
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Default Daily technical analysis of EUR/JPY By INSTAFOREX

General overview
The leading diagonal wave i blue looks completed now and wave ii blue is in a corrective cycle. There is still one more wave down missing, wave c purple, to complete the correction. The first sign that the wave down is in progress might be identified when the intraday support at the level of 135.52 is violated. The target is seen at the level of 134.77. On the other hand, any breakout above the intraday resistance at the level of 136.43 will put the alternative count in play, and an upside target would be at the level of 137.74.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.43 is clearly violated (hourly candle close above the level), with tight SL (20-30) pips and first TP at the level of 13686, second TP at the level of 137.74.

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  #2  
Old 28-07-2015, 08:02 PM
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General overview
The market has broken through yesterday's resistance at the level of 136.41. This level will act as a support. The upward wave progression has not been completed yet and more gains at the market are expected. Please keep an eye on the intraday support at the level of 136.41 as any breakout lower would invalidate the impulsive wave development and weekly pivot at the level of 135.60 might be tested again.

Trading recommendations:
Daytraders should close the buy orders from yesterday and wait for another upside breakout to produce another chance to enter the market. The best level to place the buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63.

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Old 29-07-2015, 08:41 PM
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Technical summary
We are still looking for a break above resistance at 137.80 that will confirm continuation higher to 141.06 and 144.03 as the next upside targets. There is still risk of a break below minor support at 135.49 and more importantly a break below the support-line at 134.83. That will question the bullish outlook, but only a break below support at 134.28 will invalidate the bullish outlook all together and call for a new decline to 126.05 and below.

Trading recommendation:
We are long EUR from 134.07 with stop placed at 135.40. If you are not long EUR yet, the buy a break above 137.80 and use the same stop at 135.40.

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Old 31-07-2015, 05:39 AM
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General overview
The corrective structure is getting more complex and time-consuming. After breaking the lower channel line, the market heads towards lower levels to test the weekly pivot point at 135.60. Please notice that this kind of a range-bounded price action might last some time until the level of 138.12 or 133.26 is violated. Trading conditions might get choppy and full of whipsaws.

Trading recommendations:
Daytrading levels:

- for bulls: the best level to place a buy stop order is at the level of 137.10 with tight SL (15-20 pips) and TP at the level of 137.63
- for bears: open sell orders at current market levels with SL above the level of 136.32 and TP at the level of 135.60

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Old 01-08-2015, 03:14 AM
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General overview
The count has been little changed due to expanding corrective cycle in wave c green of wave (c) blue. The outlook is still mid-bearish as the downward wave progression hasn't been completed yet and if the intraday support at the level of 135.53 is violated, next supports are expected at the levels of 135.11 and 134.77.

Trading recommendations:
Daytraders should consider opening sell orders from the level of 135.51 with tight SL (15-20 pips) and TP at the level of 135.11 and 134.77

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Old 04-08-2015, 11:36 PM
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General overview
The market behave as anticipated going to test the intraday support at the level of 135.53. Currently, the level of 135.90 is being tested from the downside and the black-dashed channel trendline is the most important dynamic resistance today. The downward wave progression does not looks completed and the projected target is still at the wave Y brown at the level of 135.15.

Trading recommendations:
Yesterdays, sell orders hit the TP level and it looks like the market might give traders one more opportunity to open the same sell orders again: sell entry is seen at the level of 135.90 with SL just above the level and TP at the level of 135.51.

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Old 06-08-2015, 01:42 AM
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General overview
As anticipated yesterday, the market has completed the wave c purple to the downside and the temporary local bottom had been established at the level of 135.01. Nevertheless, there is still a possibility of further downside developments if the intraday resistance at the level of 135.53 is not violated. If this happens, the market will continue to develop Z brown wave to the downside, targeting the support at the level of 134.42. Please notice that the current wave progression in wave (b) blue might not be completed and might evolve into a triangle pattern ( wave abc green are the first three triangle sub-waves, then we need wave d green and e green to complete it).

Trading recommendations:
Daytraders should consider opening sell orders from the level of 135.53 with tight SL (20-30 pips) and set the TP at the level of 135.01 with a possible extension downwards to the level of 134.42.

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Old 07-08-2015, 03:51 AM
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General overview
The bottom of the wave (b) blue looks to be in place at the level of 134.98. Only a clear breakout below this level would invalidate this view. Currently, the market is trying to develop another wave up, wave (c) blue, to complete the corrective cycle. Please notice, that as long as market trades inside of aneutral range (between the level of 137.33 and 134.22) and below the level of 137.33, there is still a possibility of another wave XX brown to the upside and then reversal downside. Moreover, only an immediate breakout above the intraday resistance at the level of 136.42 opens the road towards the level of 137.33.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.42 is clearly violated, with SL below the level of 135.89 and TP at the level of 136.96 and 137.33.

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Old 07-08-2015, 08:57 PM
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General overview
The corrective cycle in wave b purple looks completed, however there might be one more small wave to the downside in progress before it is finally done. Nevertheless, there is still wave c purple to the upside needed to compete the whole structure. Both support and resistance are the key levels for bulls and bears today. Any violation of one of this levels will set the sentiment for the rest of the day. The near-term bias is still bullish.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 136.48 is clearly violated (hourly candle close above the level), with SL below the level of 135.79 and TP at the level of 136.96 and 137.33.

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  #10  
Old 12-08-2015, 02:52 AM
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General overview
The alternative count that included wave alt:XX reversal from a potential reversal zone has now been invalidated and the bottom for wave (b) blue had been established at the level of 134.98. The current upmove is a clear three wave structure so far, labeled as abc purple. The alternative scenario suggests a more impulsive wave development to the upside with the invalidation line at the level of 136.37. The bias is still slightly bullish as there is an uncompleted wave structure to the upside.

Trading recommendations:
As long as the level of 136.78 is providing the support, daytraders should look for buying opportunities in this market with SL below the level of 136.35 and TP at the level of 137.46 and 137.74.

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