Today's Support and Resistance Levels:
S1: 98.50 R1: 99.02
S2: 98.21 R2: 99.36
S3: 97.80 R3: 99.59
Technical Overview:
As it was expected, we are again approaching towards the first target at 99.36 and the ideal target at 99.59 for a rally. As the last part of the rally was of a wedge shape, we should not expect this rally to reach the ideal target at 99.59, but more likely it will reach the 99.36 target before a deeper correction in black wave 3 takes place. The ideal correction target for black wave 3 will be at 98.30 as the first target with a possibility for a deeper correction towards the 97.65 -97.80 target area.
Trading Recommendation:
You should be long EUR against JPY from 95.85. Lift your stop to 98.20 and take profit at 99.25 which will leave you with a nice profit no matter which level you hit.
