FX.co ★ EUR/JPY H1 Analysis for November 13, 2013

General overview for 13/11/2013 09:10 CET

The old alternate counts have been invalidated as price retraced above 61%Fibo yesterday.

Finally price break out of the blue channel and now some downward pressure might occur if 133.60 level is broken.

Here are two main support levels to be tested and it all depends on whether they hold for now, because the deeper the retrace goes, the higher the probability of alternate count. This alternate count, (a)(b) blue, indicates wave (c) blue to the downside is still possible and only when it completes wave B black is finished.

Break of the aqua blue line is bullish, but be aware of fake breakouts!

Support/Resistance:

134.00 - Inraday High

133.82 - 61%Fibo

133.70 - WR1

133.60 - OLD SUPPLY ZONE

133.15 - Intraday Support

132.90 - Intraday Support

132.45 - Weekly Pivot

Trading recommendations:

Break of 133.60 Old Supply Zone is bearish and 133.15 should be tested then.