FX.co ★ EUR/JPY H1 Analysis for November 07, 2013

General overview for 07/11/2013 08:10 CET

The main count has been a little bit changed and the low for wave 5 navy of wave Y brown is in place at 132.32.
According to this count, the price should develop impulsive wave progression to the upside.
Lack of such development means that the price is still in some kind of corrective wave but it will NOT be wave 4 navy because the impulsive scenario has been invalidated due to the wave overlaps.
If the DEMAND grey rectangle zone is broken to the downside, the count will be revised on every time frame due to a possible Ending Diagonal wave 5 of a much higher degree on Daily time frame.

Support/Resistance:

131.76 - WS1

131.98 - DS2

132.32 - 132.59 - DEMAND ZONE

132.68 - DS1

132.88 - 132.93 Intraday Support

133.71 - Daily Pivot

133.57 - 133.69 - DEMAND BREAKTHROUGH ZONE | Weekly Pivot| Intraday Resistance

133.85 - DR1

134.36 - DR2

Trading recommendations:

As long as DEMAND ZONE holds, the bias is to the upside as we still have in mind the Daily time frame Triangle, wave 4 breakout is needed.

The best zone to enter the long positions is grey rectangle of DEMAND BREAKTHROUGH ZONE when it gets broken, with SL just below it and potential TP at 134.36 (it can be hold for more as a swing trade as well).