Chart EUR/JPY Update: Extending gains
Consolidation at the 185.00 level has given way to further gains to retest the 186.22 February month high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20 | ** | May 1990 yr high | S1 | 184.77/50 | * | 25 Feb high, congestion | |
| R3 | 187.60 | * | Aug 1990 high | S2 | 184.00 | * | congestion | |
| R2 | 186.87 | ** | 23 Jan YTD high | S3 | 183.00 | * | congestion | |
| R1 | 186.22 | * | Feb high | S4 | 182.60/00 | ** | 30 Mar low, congestion |
Asterisk denotes strength of level
01:20 GMT - Consolidation at the 185.00 level has given way to further gains to retest the 186.22 February month high. Positive daily and weekly studies keep pressure on the upside and clearance here will return focus to the 186.87, January current year high. Would expect reaction here but a larter break cannot be ruled out to extend the underlying bull trend from the 2000 year low. Meanwhile, support is raised to the 184.77/50, 25 February high and congestion area, which should underpin. Would take break here to ease the upside pressure and open up room for deeper pullback to support at 184.00 congestion and 183.00/182.60 area.