Chart EUR/JPY Update: Lower in range - daily studies under pressure
Little change, as prices extend cautious trade within the 182.00 - 183.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 185.00 | ** | break level | S1 | 182.00 | * | congestion | |
| R3 | 184.75~ | 25 Feb (w) high | S2 | 180.80/00 | ** | 12 Feb YTD low; cong | ||
| R2 | 184.00 | * | congestion | S3 | 180.30 | ** | 38.2% ret of Jul-Jan rally | |
| R1 | 183.00 | * | break level | S4 | 180.00 | ** | congestion |
Asterisk denotes strength of level
13:55 GMT - Little change, as prices extend cautious trade within the 182.00 - 183.00 range, following the anticipated minor test above resistance at the 183.00 break level. Daily readings are bearish and the weekly Tension Indicator is also falling, highlighting room for a later break below congestion support at 182.00. Focus will then turn to critical support at the 180.80 current year low of 12 February and congestion around 181.00. But unwinding oversold weekly stochastics should limit any initial tests of this range in short-covering/consolidation. Meanwhile, any renewed tests above 183.00 should meet selling interest beneath congestion resistance at 184.00.