FX.co ★ EUR/JPY H1 analysis for November 12, 2013

General overview for 12/11/2013 06:40 CET

The target level mentioned in yesterday's analysis has been hit and now we have a first clue that the Triple ZigZag correction might be done here on 50% Fibo of a larger swing and 88.6% Fibo of a lower swing. But we cannot be sure whether the correction is over or not in this cycle as long as price is moving in the upward channel. It is possible for the price to hit the SUPPLY zone as well. However, if this zone is broken, this will be first clue waves WXY brown in the count are finished and wave B black of alternate count is in place, and so then downward progression is terminated on 131.21 low.

Support/Resistance:

131.21 - Swing Low | WS1 |

132.19 - Intraday Support

132.45 - Weekly Pivot

132.90 - Intraday Support

133.13 - Intraday Support

133.32 - 50% Fibo

133.60 - 133.70 - SUPPLY ZONE | WR1 |

133.82 - 61% Fibo

Trading recommendations:

Sell zone shorts should be in play in anticipation of corrective leg up termination and downtrend resumption. Sl is above SUPPLY ZONE and TP is below the 132.21 level.