EUR/JPY
Today's Support and Resistance Levels:
R3: 142.07
R2: 141.27
R1: 140.29
Current Spot: 139.47
S1: 138.68
S2: 137.55
S3: 136.22
Technical Summary:
The downside pressure has been stronger than I expected, therefore we have to consider the possibility that wave b of the decline from 145.69 already is in place and wave c lower towards 126.00 is developing. Short term a break below support at 138.68 is needed to confirm that wave b is indeed in place and wave c developing. However, as long as support at 138.68 is protecting the downside there is a possibility that one last rally closer to 142.26 will be seen.
Today's Support and Resistance Levels:
R3: 1.6560
R2: 1.6496
R1: 1.6397
Current Spot: 1.6314
S1: 1.6291
S2: 1.6253
S3: 1.6214
Technical Summary:
I was looking for a wave 2 correction towards 1.6445, but it has extended lower and is currently testing support at 1.6290. The downside is limited from here and under no circumstances should we see a break below the start of wave 1 at 1.6252. Short term I will be looking for a break above resistance at 1.6397 as the first good indication that wave 2 is over and wave 3 higher towards 1.7141 is developing. Only a break below the start of wave 1 at 1.6252 will invalidate my bullish count, but even if we does see a break below 1.6252 the downside potential should be limited.
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