EUR/JPY H1 analysis for October 25, 2013 Trend News

General overview for 25/10/2013 11:15 CET

The impulsive wave progression has been paused, and the current price action does not indicate any further impulsive development.

It looks more like some of the corrective wave is in progress now, but it is hard to say what cycle it EXACTLY is.

Anyway, the breakout above the dashed blue line (intrenal descending trend line) is rather bullish and the grey rectangle area at 134.66 might be tested again to complete wave c purple of wave (ii) black and then if SUPPLY zone holds - more downside is expected.

If SUPPLY zone will not hold, then alternate green count is in play and this one indicates more complex wave (b) navy, both in price and time.

Support/Resistance:

135.48 - Swing High

135.25 - WR2

134.75 - WR1

134.66 - SUPPLY ZONE

133.88 - Intraday Support

133.81 - Weekly Pivot

133.60 - Intraday Support

133.31 - Intraday Support

132.90 - 132.96 - TARGET AREA FOR WAVE (c)

Trading recommendations:

As long as dashed navy trend line holds, intraday short positions should be in play. If it gets broken out to the upside - SUPPLY zone might be tested.

Please notice that currently the price is in the middle of a daily zone, so no good R/R is currently present.

The material has been provided by InstaForex Company - www.instaforex.com



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