FX.co ★ EUR/JPY H1 Analysis for October 14, 2013

General overview for 14/10/2013 08:30 CET

Five impulsive waves upwards are done and this pair is in corrective cycle wave (ii) green.

The first projected level to terminate the correction is around the DEMAND ZONE of grey rectangle and Weekly Pivot support level of 132.72.

There is another possibility that the current price action here is a triangle wave iv and more upside is to be seen before wave (i) green is completed.

Anyway, the overall bias is still to the upside and further wave progression should develop in impulsive fashion to the upside once the correction is over.

Support/Resistance:

133.98 - DEMAND BREAKTHROUGH ZONE

133.58 - Swing High

133.40 - Intraday Resistance

133.02 - Intraday Support

132.72 - Weekly Pivot

132.42 - 132.66 - DEMAND ZONE

131.89 WS1

Trading recommendations:

The bias is to the upside and Demand Zone of the grey rectangle should be bought with SL just below the lower level of this area and potential TP at 133.58 and 133.98.