EUR/JPY H1 & H4Analysys for September 2, 2013
General Overview for 02/09/2013 10:00 CET:
Two possible scenarios still in progress: the difference is whether triandle wave E has been done already OR if it still is in progress.
SCENARIO 1: MAIN COUNT – Price has made the low for a possible wave D of the triangle and now wave E is in developing cycle. The top for this wave might even go as high as upper triangle green trend line area @ 132.10 zone. Bias is beraish and alternate count for wave B is included on H4 chart.
SCENARIO 2: ALTERNATE COUNT – Price has made wave alt:1 to the upside and recent leg down was a corrective WXYXXZ of wave alt.2. Currently price is in impulsive bullish wave cycle that might break out above the green triangle line, as this labeling indicates that wave E has been finished already.Bias is to the upside and new highs are in view.
Invalidation level for main count is new high above 132.71 made in impulsive fashion.
Invalidation level for alternate count is new low below 128.00.
The KEY LEVEL must hold for further impulsive upside wave progress without momentum decrease.
129.26 – 129.40 – DEMAND ZONE
130.37 – Weekly Pivot
130.55 – Technical Support
131.24 – Technical Resistance | 61% Fibo |
131.44 – WR1
131.74 – 131.88 – DEMAND BREAKTHROGH ZONE
132.05 – 88%Fibo
132.41 – Swing High
133.32 – WR2
As long as intraday resistance of 61%Fibo @ 131.24 holds, intraday short scalps might be traded with SL above this level and potential TP @ 131.50.
The material has been provided by InstaForex Company – www.instaforex.com