Today's Support and Resistance Levels:
S1: 96.83 R1: 97.47
S2: 96.52 R2: 98.13
S3: 96.22 R3: 98.75
Technical Overview:
Since yesterday blue wave ii went a little deeper to 96.52 and we are now looking for a clear break above minor resistance at 97.47 calling for the next powerful rally towards 99.42 in blue wave iii. However, in the larger picture we are looking for a rally closer to important resistance near 101.46.
In short term we expect support in the 96.88 - 96.99 area to protect the downside from the break above 97.47 and confirm the next rally higher.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 95.70 stop. Upon a break above 97.47, lift stop up to 96.50. If you are not long EUR already, you could buy EUR at 97.00 or upon a break above 97.47 with the same stop.
