Today's Support and Resistance Levels:
S1: 95.71 R1: 96.13
S2: 95.50 R2: 96.62
S3: 95.33 R3: 97.32
Technical Overview:
Since the 97.32 high (blue wave i) we have seen a nice corrective decline in blue wave ii into the target area between 95.33 - 95.71. As long as minor resistance at 96.13 protects the upside we could see one last decline closer to the 61.8% retracement of blue wave i at 95.33, but from here or upon a break above 96.13 we should see a new powerful rally in blue wave iii towards the 100.60 - 100.73 area.
Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 94.05 stop. If you are not long EUR already you could buy at 95.45 or upon a break above 96.13 (buy at 95.25) with the same stop.