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EUR/JPY
Today's Support and Resistance Levels:
R3: 143.52
R2: 143.09
R1: 142.85
Current Spot: 142.66
S1: 142.35
S2: 141.79
S3: 141.48
Technical Summary:
The wave ii correction, I expected, is unfolding nicely and I will be looking for resistance in the 143.09 - 143.17 area to halt the correction and turn prices down in wave iii. From 143.17 or upon a break below 142.35 wave iii should decline towards at least 137.48 and likely even lower towards 134.62.
Short term expect support at 142.35 will protect the downside for the final rally higher into the resistance area between 143.09 - 143.17 before down again.
Today's Support and Resistance Levels:
R3: 1.6435
R2: 1.6405
R1: 1.6385
Current Spot: 1.6354
S1: 1.6339
S2: 1.6298
S3: 1.6262
Technical Summary:
The wave (iv) correction I where looking for is unfolding nicely. Expect support at 1.6340 to protect the downside for the last rally higher towards the 1.6405 -1.6415 area, before wave (v) lower will take over for a decline towards at least 1.6129 and maybe even lower towards 1.5962. Once wave (v) and iii is over expect a new correction, that will stay below 1.6405 in wave iv and then a final decline lower to 1.5793 to end the major correction that began at 1.7274 in late August 2013.
