FX.co ★ EUR/JPY H1 analysis for August 28, 2013

General overview for 28/08/2013 07:45 CET:

After hitting 261%FiboExt at 129.63, the price has started to consolidate in the area of 130.28 - 129.63.

The Hidden Bullish Divergence on H1 RSI(14) indicates a possible upward price action as well as a possible wave X brown can develop.

The first resistance is the techenical level of 130.28, and intraday supply zone and WS1 are at the 130.45 level that is confluent with the golden trendline resistance.

So, currently the price might take a chance to test the golden trendline resistance from the bottom and either to get rebounded or break out higher.

If it fails to breach it, then the top of wave X brown will be in place and new lows are very possible.

A break out below 129.26 - 129.40 zone invalidates alternative green impulsive count.

Support/Resistance:

129.26 - 129.40 - DEMAND ZONE | INVALIDATON ZONE |

129.63 - Intraday Support

130.28 - Technical Resistance | Key Level |

130.43 - WS1 | Intraday Supply | Golden Trend Line Resistance Zone |

Trading recommendations:

For intraday scalpers who want to enter a short position, there are two levels of interest:

- Entry at 130.28 with SL above 130.55 and TP1 at 129.63 and TP2 at 129.40 (agressive)

- Entry at 130.50 with Sl above 130.55 and TP1 at 129.63 and TP2 at 129.40 (conservative)