Chart EUR/JPY Update: Edging higher
The anticipated test of resistance at 185.00 is giving way to choppy trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.32 | ** | 16 Jun (w) high | S1 | 184.00 | * | congestion | |
| R3 | 186.00 | ** | congestion | S2 | 183.50 | congestion | ||
| R2 | 185.50 | break level | S3 | 183.00 | * | congestion | ||
| R1 | 185.00 | ** | break level | S4 | 182.00 | ** | break level |
Asterisk denotes strength of level
14:05 BST - The anticipated test of resistance at 185.00 is giving way to choppy trade, as intraday studies turn mixed/positive. Oversold daily stochastics are unwinding and the flat daily Tension Indicator is ticking higher, highlighting room for a fresh break above here towards 185.50. However, mixed/negative weekly charts should limit any further gains in selling interest/consolidation towards congestion resistance at 186.00. Meanwhile, support remains at congestion around 184.00. But a close below further congestion around 183.50 is needed to add weight to sentiment and extend mid-June losses initially towards congestion around 183.00.