Today's Support and Resistance Levels:
S1: 98.70 R1: 99.07
S2: 98.56 R2: 99.43
S3: 98.43 R3: 99.76
Technical Overview:
We saw, indeed, the low of blue wave iv at 97.73 and now close to the end of blue wave v and red wave 3 which is higher (a high which ideally will be found near 99.42). Looking at blue wave v itself, we can see three finished waves, currently working at wave iv, which we expect to end in the 98.56 - 98.70 area for the last rally towards the ideal target at 99.42. Once blue wave v and red wave 3 are finished, we should see a shallow red wave 4 towards 98.37 or even lower towards 97.86 before red wave 5 takes higher over for a rally towards the 100.15 - 100.58 area.
Trading Recommendation:
You should be long EUR against JPY from 95.85. Lift the stop from 97.45 to 97.75 leaving you with a nice profit of at least 190 pips no matter what happens. If you are not long EUR already, you should wait to buy EUR near 98.56 with the same stop.
