15.11.201313:10 Forex Analysis & Reviews: EUR/JPY H1 and H4 analysis for November 15, 2013

 General overview for 15/11/2013 09:30 CET

Wave progression to the upside has hit 61%Fibo Expansion of a possible impulsive OR very extended and complex ZigZag structure. This level is not enough to allow for upside wave progression to terminate from larger time frame point of view HOWEVER traders must take into account one more possibility of a TRUNCATION of wave 5 on currnet market price. This scenario is possible because wave 5 blue is fully developed now in five waves. Nevertheless, if there is a strong upside break higher from the current level (134.94), then first target above the last swing high is One-to-one equal legs level at 136.01. This level would be a target for Ending Diagonal scenario that requires all waves to be in three sub-waves. In our case that would be some kind of complex ZigZag progression. And the alternate count semms to fit the impulsive wave progression so for this scenario the possible target level after last swing high is broken is much higher.

Support/Resistance:

136.01 - One to One target level

135.48 - Swing High

135.30 - 135.48 - SUPPLY ZONE

134.97 - WR2 | 88%Fibo |

134.46 - Intraday Support

133.93 - Intraday Support

133.70 - WR1

Tradiang recommendations:

As long as price stays in blue upward channel, only long side of the market should be in play.

Buy the dips/ breakouts.