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

General overview for 24/09/2103 08:30 CET

The corrective movement from 134.73 looks to be finished now and the price should progress the upward move into new highs; first two waves are ready and now wave (iii) is in progress.

The first resistance is golden trend line zone somewhere about 133.60 and then the price must break Weekly Pivot to confirm further impulsive progression.

Any downside movement below 133.08 invalidates the count.

More downside movement with more momentum is very inconvenient for this count and any break of a trend line and 132.63 level test is more bearish than bullish.

Support/Resistance:

132.77 - WS1

133.10 - Technical Support

133.60 - Golden trend line resistance zone

133.81 - 133.87 - Intraday Resistance | WQeekly Pivot |

134.73 - Intraday Resistance

134.93 - Swing High

Trading recommendations:

Bias is to the upside no and long positions should be in play either on golden trend line breakout OR golden trend line test from the upside. Tight SL should be here. Potential TP levels are TP1 at 133.87 and TP2 at 134.20.