Today's Support and Resistance Levels:
S1: 94.98 R1: 96.58
S2: 94.66 R2: 96.98
S3: 94.09 (Bottom) R3: 97.33
Technical Overview:
With the decline to 94.98 after yesterday’s Central Banks and the ECB disappointment, the corrective wave ii from 97.33 is most likely done and a new impulsive rally should be under way in wave iii towards 100.30
In short term a break above minor resistance at 96.65 can confirm that wave ii is over and wave iii is under way.
At this point only a break below 94.09 will invalidate the count as force a new count.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop at 94.05. Lift stop to 94.95 upon a break above 96.65. If you are not long EUR already, wait for a break above 96.65 to buy with a 94.95 stop.
