Today's Support and Resistance Levels:

S1: 97.84                      R1: 98.39

S2: 97.47                      R2: 98.82

S3: 96.88                      R3: 99.18

Technical Overview: 

The pair failed to break above resistance at 98.82 once again, which puts the whole picture of a new impulsive rally started from the 94.09 low in danger. However, as long as important support at 97.80 has not been broken, the bullish count is still very much alive. 

In short term a break above minor support at 98.39 is needed to ease some of the downside pressure, but what is more important, a break above 98.82 is needed to confirm that last rally in red wave 5 and black wave iii towards the first possible target at 99.59 and a clear break above here enable the second target at 100.60.

A break below 97.80 will invalidate any further rally for now and call for a decline towards 97.33 and a break below it will confirm that the rally from 94.09 only has been a correction and a new low below 94.09 should be seen later on.

Trading Recommendation: 

You should be long EUR against JPY from 95.85 with a stop at 97.75 and take profit at 99.50. If you are not long EUR already you could be here with a low risk stop at 97.75 and take profit at 99.50 too.