FX.co ★ EUR/JPY H1 Analysis for September 26, 2013

General overview for 26/09/2013 16:00 CET

The count has been slightly changed with wave W black low being now a little lower after bigger wave (iv) correction.

Currently, the price is still in overlapping corrective mode of wave X black.

Last wave c to the upside is missing to complete Regular Flat Correction wave Y brown of X black.

Then more downside is expected to complete wave Y black of the whole corrective cycle wave 4 green.

When the corrective cycle is done, new highs in impulsive wave 5 green are anticipated.

Support/Resistance:

134.72 - 134.93 - SUPPLY ZONE

133.98 - Intraday Resistance

133.6 - Weekly Pivot

132.77 - WS1

132.62 - Techncal Support

Trading recommendations:

Bias is to the downside to complete wave Y black of wave 4 green so short positions should be in play from the level of 133.98 with SL just above this level. Potential TP levels are 132.77 and 131.75.