Today's Support and Resistance Levels:
Support Resistance
1: 96.76 1: 97.31
2: 96.42 2: 97.96
3: 96.14 3: 98.13
Technical Overview:
The black wave iv has indeed become a complex correction (expanding flat). The black wave iii has ended at 96.40 and the black wave iv has began from there. The wave a of the black wave iv went from 96.40 to 97.31 and was followed by a decline in the wave b to 96.14 and we are currently working on the wave c. This wave c of the black wave iv will ideally end at 97.96 in an expanded flat correction and setting the stage for the final decline in the black wave v towards the ideal target near 94.58.
Trading Recommendation:
Our stop at 96.35 was hit yesterday. We will now wait for the move towards 97.90 before selling EUR against JPY with a 98.75 stop and take profit at 94.75.