Today's Support and Resistance Levels:
S1: 97.79 R1: 98.75
S2: 97.35 R2: 99.42
S3: 97.00 R3: 99.94
Technical Overview:
The impulsive rally from the important low at 94.09 continues and we are looking for a continuation towards the next target near 99.42. We still did not see the "point of recognition" where the bears finally admit that we have seen and important low and are headed higher. Once we see the point of recognition, the rally will become more dynamic and powerful. Looking at the larger picture, we can see that we are still in the very beginning of what we expect to be a major rally. The first major resistance point in this new major rally is at 101.62.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop at 96.50. You can lift the stop further to 97.05. If you are not long EUR already you can buy here, with the same stop.
