Today's Support and Resistance Levels:
S1: 98.51 R1: 98.82
S2: 98.21 R2: 99.18
S3: 97.98 R3: 99.59
Technical Overview:
The upside was protected again by the resistance at 98.82, but it should only be a matter of time before this minor barrier breaks down and we see a break above 98.82 for a move higher towards 99.18 and 99.35 before the first possible target for red wave 5 at 99.59 is seen.
As long as resistance at 98.82 keeps protecting the upside, we must consider a possibility of a deeper correction towards 98.21, but as the trend is upward, our main focus should be towards the upside.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 97.75 stop and lift stop to 98.35 upon a break above 98.82. Take profit at 99.50 for a nice profit of 365 pips. If you are not long EUR already, buy a break above 98.82 with the same stop and take profit levels.
