Today's Support and Resistance Levels:
S1: 96.83 R1: 97.40
S2: 96.44 R2: 97.80
S3: 96.27 R3: 98.13


Technical Overview:
Having failed to break above 97.80, the correction in red wave ii can be still regarded as a flat correction, which means that we shall see one more decline below 96.70 before red wave ii is over. Then a more powerful red wave iii can take over for a rally towards 100.30 and possibly higher towards 101.52.

Trading Recommendation:
You should be long EUR against JPY from 95.85 with a 94.95 stop. If you are not long EUR already, use the decline to just below 96.70 to buy EUR with the same stop.
The material has been provided by Instaforex Company - instaforex.com