FX.co ★ EUR/JPY H1 and H4 analysis for November 18, 2013

General overview for 18/11/2013 08:00 CET

H4 time frame: The SUPPLY zone at 135.30-135.49 has been hit and the price reversed slightly down to old 61%Fibo Exp that is acting as a dynamic support now. The TARGET level of one-to-one geomety has not been hit yet (136.01) but I still expect the price to overtake the current swing high and travel upwards. Nevertheless, some kind of correction is needed now and possibly Weekly Pivot level at 134.53 might be tested before upward wave progression will resume. Bias is to the upside.

H1 time frame: The price is still moving upwards inside the blue channel, but the wave development does not look too much impulsive so far and my guess is that this will be some sort of ZigZag . Those are last stages of an Ending Diagonal wave 5 black count.

Support/Resistance:

136.01 - TARGET

135.33 - Intraday high

134.91 - Intraday Support

134.47 - Intraday Support

134.40 - Weekly Pivot

134.01 - Techncial Support

133.70 - WS1

133.21 - Intrday Support

Trading recommendations:

For intraday scalpers: as long as the price stays within the blue channel, long positions are in favor. The best entry here would be into Weekly Pivot zone with SL just below it and a potential TP at 136.01.