FX June 30, 2020 / 05:02 pm UTC

Chart EUR/JPY Update: Poised for Further Gains

By Mike Macdonald



Levels
Imp
Comment


Levels
Imp
Comment
R4
121.85

50% retracement of June fall

S1
120.30
*
Intraday moving average
R3
121.43

Intraday high

S2
120.00
*
Congestion
R2
121.25
*
38.2% retracement of June fall

S3
119.81
**
June 26 (weekly) low
R1
121.10
**
June 23 (weekly) high

S4
119.31/40
**
June 22 (weekly) low; 50% retracement

Asterisk denotes strength of level


17:55 BST - Prices continue to pressure the 121.10 weekly high from June 23 and the 121.25 Fibonacci retracement while mixed intraday studies unfold. Daily momentum readings and the Tension Indicator are tracking higher, however, highlighting an improvement in sentiment and scope for further gains in the coming sessions. A close above here would confirm a continuation of June gains and open up the 121.85 retracement. Meanwhile, support is at the intraday moving average, currently around 120.30. Any break beneath here would likely stabilize above the 119.81-120.00 area. An unexpected close beneath here would add weight to sentiment and put the focus on the critical support area at 119.31/40.

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