Today's Support and Resistance Levels:
Support Resistance
1: 96.76 1: 97.31
2: 96.42 2: 97.85
3: 96.11 3: 98.13
Technical Overview:
As we broke clearly above the minor resistance at 97.07 on Friday, the odds do favor, and we can see that the relative shallow but complex black wave iv correction has begun. This correction should be handled with the utmost care, as it can evolve into some kind of flat correction or a triangle, making it difficult to define it in its early part of the correction. We expect it to reach the 98.00 - 98.13 resistance window before we can observe the last decline into the ideal target near 94.58. Once we get down to the ideal target near 94.58, the entire decline from 111.43 will likely be terminated and a new big rally begins. However, for now we will have to focus on getting black the wave iv and black wave v as correct as possible.
Trading Recommendations:
You should be long EUR against JPY from 97.10. Move your stop up to 96.35 and keep your take profit at 98.00