FX.co ★ EUR/JPY H1 analysis for August 22, 2013

General overview for 22/08/2013 10:30 CET

This is the last chance for bears camp to the the control over the rising price.

Expanding Ending Diagonals are quite rare but still possible.

88.6%Fibo together with WR1 are the line in the sand for bears. Otherwise invalidation line will be tested and possibliy broken so the immediate impulsive count will be invalidated and the correction will get more complex and time consuming.

Multiple Bearish Divergence on AO seems to support this view.

If invalidation line is broken, then the next level to be tested is 132.71.

Support/Resistance:

131.94 - Wave 1 start | Invalidation Line |

131.56 - WR1

131.49 - 88.6%Fibo

131.09 - Technical Support

130.77 - 70.7%Fibo | Intraday Support |

Trading recommendation:

Sell the 131.56 level with SL above 131.94 and TP 130.42.