Today's Support and Resistance Levels:
R3: 131.98
R2: 131.74
R1: 131.52
Current Spot: 131.43
S1: 131.24
S2: 130.80
S3: 130.39
Technical Summary:
We are currently developing the final e-wave of a symmetric triangle. I expect wave e to fall towards 130.18 and maybe even lower towards 129.61 before the next powerful rally higher. A break above 131.98 will be the first good indication, that the triangle has finished and the next impulsive wave higher is developing, while a break above 132.30 will confirm the next rally higher towards 139.21.
Looking at the larger picture (see the chart below) this triangle represents a B-wave triangle and the coming rally higher will be the C wave of a major zig-zag correction, that began at 94.10. The ideal target for wave C of the zig-zag will be at 170.00.
EUR/JPY DAILY
Today's Support and Resistance Levels:
R3: 1.7182
R2: 1.7143
R1: 1.7110
Current Spot: 1.7082
S1: 1.7042
S2: 1.6989
S3: 1.6936
Technical Summary:
We have seen wave i from 1.6325 to 1.7197 of a new major impulsive rally. Currently we are in a wave ii correction, which ideally will correct 38.2% of wave i, which would call for a decline towards 1.6864. The reason why we only are looking for the minimum correction is the speed of which wave i developed. However it should be remembered, that second waves are allowed to correct 100% of the first wave, but they can never break the starting point of wave one. Once this wave ii correction is over we are looking for a new very powerful rally higher towards at least 1.7775, but it is more likely to extend higher towards 1.8314. but for now let's stay focused on the possible termination of wave ii.
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