Today's Support and Resistance Levels:
S1: 96.55 R1: 97.28
S2: 96.01 R2: 97.51
S3: 95.71 R3: 98.05
Technical Overview:
We are still looking for a break above minor resistance at 97.28 to confirm that red wave 3 is under way towards 100.24, where red wave 3 will be 1.618 times longer than red wave 1. As long as the minor resistance at 97.28 has not been broken, there still is a risk for a new test of the downside near 95.72, but it will take a break below 95.75 to invalidate the bullish count above.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop 94.95. Lift your stop to 95.70 upon a break above 97.28. If you are not long EUR already, you can buy EUR upon a break above 97.28 (buy at 97.35).
