Today's Support and Resistance Levels:

S1:  96.94                    R1: 97.80

S2: 96.40                     R2: 98.05

S3: 95.95                     R3: 98.50

Technical Overview:
The rally from 95.71 has clearly become an impulsive five wave rally which we have labeled as blue wave i. We might have seen a very small corrective decline in blue wave ii towards 96.94 (23.6% of blue wave i). In the larger picture we are in red wave 3 which normally is the most powerful of the impulsive waves and, therefore, corrections tend to be very small. However, as long as the resistance at 97.47 protects the upside, we could see a slightly deeper correction towards 96.40 if the correction from 97.47 turns out to be a flat correction. Once this correction is over, or upon a break above 97.47, we should look for the next rally in blue wave iii towards 99.78.

Trading Recommendation:
You should be long EUR against JPY from 95.85 with a stop at 95.70. If you are not long EUR already you can buy EUR at 96.45 or upon a break above 97.47 (buy at 97.55) with the same stop. One order cancels the other.