Today's Support and Resistance Levels:
R3: 134.95
R2: 134.43
R1: 134.00
Current Spot: 133.85
S1: 133.56
S2: 133.05
S3: 132.68
Technical Summary:
As important support at 132.70 held for a new powerful rally above resistance at 133.56 (neckline of an inverted S/H/S bottom - see the 15 minute chart below), we had the confirmation we needed to say that the bottom was in place. It also meant, that my slightly preferred 1-2/1-2 count has turned out to be the correct count. This means we should now see a series of powerful wave three's unfold higher towards at least 137.45 and probably higher.
Short term we now will find support at the inverted S/H/S neckline at 133.56, which ideally will protect the downside for a continuation higher towards 134.43 and 134.95.
EUR/JPY 15 minute
Today's Support and Resistance Levels:
R3: 1.6542
R2: 1.6473
R1: 1.6407
Current Spot: 1.6392
S1: 1.6368
S2: 1.6329
S3: 1.6302
Technical Summary:
We saw a attempt top break clearly above resistance at 1.6380, but it was not successful, instead we are seeing a consolidation just around this resistance, but it should only be a matter of time before we will see the next rally higher. Short term we will see a slight downside pressure as long as minor resistance at 1.6407 protects the upside, which could cause a move towards 1.6329, but from there or upon a break above 1.6407 the upside is open again for the next rally higher towards strong resistance at 1.6542.
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