Chart EUR/JPY Update: Leaning lower in choppy JPY-driven trade
The anticipated test of resistance at 185.00 has been pushed back sharply in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35/60 | ** | 50% ret; Aug 1990 high | S1 | 182.50 | * | congestion | |
| R3 | 186.00 | * | congestion | S2 | 182.00 | ** | congestion | |
| R2 | 185.00 | ** | break level | S3 | 180.80 | ** | 12 Feb YTD low | |
| R1 | 184.00 | * | congestion | S4 | 180.00 | ** | break level |
Asterisk denotes strength of level
13:15 BST - The anticipated test of resistance at 185.00 has been pushed back sharply in JPY-driven trade, with prices reaching support within 182.00 - 182.50 before bouncing to 183.60. Intraday studies are turning down, and both daily and weekly readings are under pressure, highlighting room for further losses in the coming sessions. However, a close below congestion support at 182.00 is needed to turn sentiment bearish and extend mid-April losses initially to the 180.80 current year low of 12 February. Meanwhile, resistance remains at congestion around 184.00 and extends to 185.00. This broad range should cap any immediate tests higher.