FX.co ★ EUR/JPY H1 analysis for December 10, 2013

General overview for 10/12/2013 09:00 CET

The level of 38% Fibo Ext indicated yesterday has been hit along with a round number of 142.00, a new 4-year high that has been hit as well.

I have been expecting more complex correction in wave iv black, but it turned out that the market made only abc Running Flat and went higher completing another small five waves.

The level of 142.15 is now Intraday High and might be even the first important high here.

The Key Intraday level at 141.76 will play a major role in today's trading: if it gets broken, then the chances are high that the first test of previous wave iii black will happen and if fails, 141.00 is in view then.

Any price above 142.15 invalidates the count and WR1 is in view.

Support/Resistance:

142.97 - WR1

142.15 - Intraday High

141.76 - Intraday Support

141.53 - Intraday Support

141.00 - Intraday Support

140.70 - Weekly Pivot

Trading recommendations:

Small short orders should be in play with SL above the last high with TP 1 at 141.53 and TP2 at 141.00.