FX.co ★ EUR/JPY H1 Analysis for September 12, 2013

General overview for 12/09/2013 08:30 CET

Market is currently testing the green triangle line from the upside in corrective wave iv.

To continue with impulsive development either level of the previous wave four area in grey rectangle OR an intraday support level at 131.83 should provide support and hold. If it do not hold, the next support for the price is Weekly Pivot level at 131.19.

The last resort is the aternate count, that points out a possibility of an earlier cycle completion in wave (iii) and market testing the lower prices in corrective wave (iv). In this case invalidation level is at 130.85. If this level gets brokem the count will be revised.

Support/Resistance:

133.55 - WR2

133.36 - Swing High

132.61 - WR1

132.18 - Technical Support | Green Triangle Trend Line Support |

132.01 - Previous Wave Four Area

131.85 - Intraday Support

131.19 - Weekly Pivot

130.85 - Alternate Count Invalidation Line

130.26 - WS1

Trading recommendations:

Buy around 132.01 area with SL below 131.85 and potential TP at 133.54.