FX.co ★ EUR/JPY H1 analysys for September 23, 2013

General overview for 23/09/2013 09:00 CET

The corrective wave iv black is still in progress and currently the price is just shy of level of the strong support made of Weekly Pivot and Intraday Support level zone at 133.81 - 133.87.

If intraday support is broken, then the next level of support comes at 133.31 and it is the KEY LEVEL because it has not been tested yet. If it is broken, this level will become a strong resistance.

Please notice there is still one impulsive wave to the upside missing to complete the cycle.

Support/Resistance:

134.93 - Swing High

134.73 - Intraday Resistance

133.87 - Weekly Pivot

133.81 - Intraday Support

133.31 - Technical Support

132.77 - WS1

Trading recommendations:

Intraday short entry at 133.80 with SL above 134.12 and TP at 133.31. Then long position entry at 133.31 with TIGHT SL and TP open for now.