FX.co ★ EUR/JPY H1 Analysis for October 15, 2013

General overview for 15.10.2013 09:00 CET

Green wave b almost hit the target zone of the grey rectangle, but it got rejected at 133.82 and now the price is in the last stage of Irregular Flat correction.

This last wave downwards should develop in five impulsive waves. The targets for this wave are 133.02 and 132.66-132.42 DEMAND ZONE.

When this whole abc green correction is done it is highly probabble that higher prices will be seen as the price will progress upward in impulsive wave (iii) green.

Only a break out below 131.30 would invalidate the bullish impulsive outlook.

Support/Resistance:

133.98 - Techncial Resistance

133.82 - Intraday High

133.02 - Intraday Support

132.72 - Weekly Pivot

132.66 - 132.42 - DEMAND ZONE

Trading recommendations:

Short positions from currecnt levels should be in play with SL above last high and TP at 133.02 and 132.66.