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EUR/JPY:
Today's Support and Resistance Levels:
R3: 141.94
R2: 141.81
R1: 141.67
Current Spot: 141.46
S1: 141.08
S2: 140.59
S3: 139.99
Technical Summary:
We have seen a clear break below support at 142.04 which confirms, that the powerful wave iii lower is developing. We will normally be looking for extension in wave iii, therefore look for wave iii to be at least 1.618 time longer than wave i, which gives us a wave iii target at 136.43. Correction during wave iii tend to be small or even sub-normal. This is the wave we want to be trading as it is the one where we will normally gain the biggest reward.
Short term look for resistance near 141.65 and strong resistance near 142.00.
Today's Support and Resistance Levels:
R3: 1.6499
R2: 1.6475
R1: 1.6446
Current Spot: 1.6442
S1: 1.6397
S2: 1.6342
S3: 1.6288
Technical Summary:
Red wave extended to its maximum retracement target at 1.6575, but it also stop cold there for a reversal lower in red wave v. Look red wave v lower to 1.6342 as the first target and possibly even lower towards 1.6288, before red wave v and black wave (iii) is over. Once black wave (iii) is over we should expect black wave (iv) to just below 1.6575 and then the final black wave (v) lower to 1.6200.
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