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EUR/JPY:
Today's Support and Resistance Levels:
R3: 143.52
R2: 143.31
R1: 143.16
Current Spot: 142.99
S1: 142.79
S2: 142.61
S3: 142.20
Technical Summary:
We have seen the corrective target at 143.10 tested, the high has been 143.16. I will now be looking for a break below 142.79 as the first indication, that wave ii has ended and wave iii lower towards at least 138.85. A break below 142.61 confirms that wave iii is developing. However, as long as support at 142.79 protects the downside we could see wave ii extend slightly higher towards 143.31 and maybe 143.52 before the top of wave ii is in place.
Today's Support and Resistance Levels:
R3: 1.6546
R2: 1.6503
R1: 1.6470
Current Spot: 1.6445
S1: 1.6398
S2: 1.6366
S1: 1.6285
Technical Summary:
Red wave iv likely ended at 1.6503 and red wave v is likely developing, however, we still need a break below 1.6398 to confirm, that red wave v is developing for a decline toward 1.6200. As long as support at 1.6398 protects the downside we could see a new test of 1.6503 with a very slim chance of a move higher towards 1.6546 before Down, but that is less likely.
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