Chart EUR/JPY Update: Leaning lower
Choppy trade around congestion resistance at 186.00 is giving way to a pullback in EUR-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1979 - 2000 fall | S1 | 185.40 | break level | ||
| R3 | 187.00 | * | break level | S2 | 185.00 | ** | break level | |
| R2 | 186.50 | congestion | S3 | 184.50 | congestion | |||
| R1 | 186.00 | * | congestion | S4 | 184.00 | * | congestion |
Asterisk denotes strength of level
14:50 BST - Choppy trade around congestion resistance at 186.00 is giving way to a pullback in EUR-driven trade, with prices currently pressuring support at 185.40. Intraday studies are under pressure and overbought daily stochastics are unwinding, pointing to room for deeper losses in the coming sessions. A break below 185.40 will open up 185.00. Continuation beneath here will target congestion around 184.00. But the positive daily Tension Indicator and mixed/positive weekly charts should prompt renewed buying interest towards here and limit any immediate tests in fresh consolidation. Meanwhile, a close above 186.00, if seen, would improve price action and extend early May gains towards further congestion around 186.50.