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Wave Analysis by InstaForex
Technical analysis of USD/JPY for January 16, 2017

[Image: USDJPYM30.png]

USD/JPY is Under pressure. The pair pulled back last Friday, and is now testing its nearest support at 114.00. The risk of a slide below this level remains high, as the relative strength index is badly directed, without showing any reversal signals.

The U.S. dollar showed some signs of rebounding energy upon the release of economic data. However, the upward momentum proved unsustainable. The ICE U.S. Dollar Index finally ended at 101.18 (day-high at 101.67), down 0.2% on day and extending its losing streak to a third session.

In which case, as long as 114.80 holds on the upside, further decline seems to be on the cards toward 113.75 (Jan 12 low).

Recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 113.75. A break below this target will move the pair further downwards to 113.40. The pivot point stands at 114.65. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 115.20 and the second one at 115.65.

Resistance levels: 115.20, 156.65, 116.05
Support levels: 113.75, 113.40, 113.00

More analysis - at instaforex.com
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Elliott wave analysis of EUR/NZD for January 17, 2017

[Image: analytics587db583f2c2b.png]

Wave summary:
We continue to look for evidence that the double zig-zag correction from 1.5235 is complete. The first solid evidence, will be a break above minor resistance at 1.5007, while a break above resistance at 1.5193 confirms that the wave iii/ higher toward 1.5837 and above longer term has taken over. That said, we have to acknowledge the risk of a third zig-zag unfolding. If this is the case, then more downside toward 1.4778 could be seen before the next impulsive rally finally takes over.

R3: 1.5193
R2: 1.5050
R1: 1.5007
Pivot: 1.4895
S1: 1.4841
S2: 1.4810
S3: 1.4778

Trading recommendation:
We will only buy a break above 1.500

More analysis - at instaforex.com
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Technical analysis of EUR/USD for Jan 18, 2017

[Image: EURUSD.jpg]

When the European market opens, some Economic Data will be released, such as Final Core CPI y/y, Final CPI y/y and German Final CPI m/m. The US will release the economic data, too, such as TIC Long-Term Purchases, Beige Book, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, Core CPI m/m, CPI m/m and the Fed Chair Yellen Speaks, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0762.
Strong Resistance:1.0756.
Original Resistance: 1.0745.
Inner Sell Area: 1.0734.
Target Inner Area: 1.0709.
Inner Buy Area: 1.0684.
Original Support: 1.0673.
Strong Support: 1.0662.
Breakout SELL Level: 1.0656.

More analysis - at instaforex.com
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Technical analysis of USD/JPY for Jan 19, 2017

[Image: USDJPY.jpg]

In Asia, today Japan will not release any Economic Data, but the US will release some Economic Data, such as Crude Oil Inventories, Natural Gas Storage, Housing Starts, Unemployment Claims, Philly Fed Manufacturing Index, Building Permits and the Fed Chair Yellen Speaks. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Resistance. 3: 115.28.
Resistance. 2: 115.05.
Resistance. 1: 114.83.
Support. 1: 114.55.
Support. 2: 114.32.
Support. 3: 114.10.

More analysis - at instaforex.com
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