FX.co ★ EUR/JPY H1 and H4 analysis for October 30, 2013

General overview for 30/10/2013 11:20 CET

The Triangle count has been invalidated and new, re-labeled slightly count is here.

The overlapping and choppy price action is still a form of a corrective wave and according to my count there is still a possibility of impulsive decline to the downside.

THe current labeling indicates even more complex and time consuming corrective wave 2 OR (b) in shape of (w)(x)(y) complex Double Three Correction.

Please notice that break above 135.50 invalidates the bearish impulsive count.

Support/Resistance:

135.60 - WR1

135.50 Swing High | Invalidation Level |

135.18 - 135.05 - SUPPLY ZONE

134.59 - Weekly Pivot

133.68 - WS1

133.59 - Techncial Support

Trading recommendations:

There is too many possibilities for a high probability trade now. Let us wait for news to clear the situation and maybe next setup will be better in terms of R/R.