FX.co ★ EUR/JPY H1 and H4 Analysis for September 19, 2013

General overview for 19/09/2013 09:00 CET:

The key level area from yesterday has been broken and now the price is in impulsive wave development to the upside. The first level of resistance is the last high at 133.35.

In H4 chart there is a bullish pennant technical pattern and the projected target level of this pattern is at the 135.07 area.

Moreover, there is the SUPPLY zone at the 133.30 - 133.78 levels, so the price might be capped and consolidate somewhere in this zone and then try to break out again.

The first target for wave (v) is 133.78, the second target for wave (v) is 135.07

Support/Resistance:

133.35 - WR1

133.30 - 133.78 - SUPPLY ZONE

133.78 - Wave (v) first target level

135.07 - Wave (v) second target level

Trading recommendations:

Bullish impulsive wave progression is finally here and after a brteakout of 133.35 is done, long positions should be in play with SL just below this level and targets at 133.78 and 135.07.