Chart EUR/JPY Update: Consolidating, but room for higher
Positive start to the week see prices opening higher above support at the 186.30/00 area to reach towards the 186.66 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20 | ** | May 1990 yr high | S1 | 186.00 | * | congestion | |
| R3 | 187.95 | ** | 17 Apr YTD high | S2 | 185.35 | * | 20 Jul low | |
| R2 | 187.55 | * | 30 Apr high | S3 | 185.00 | * | congestion | |
| R1 | 186.87 | * | Jan high | S4 | 184.30/00 | ** | 13 Jul low, congestion |
Asterisk denotes strength of level
01:10 GMT - Positive start to the week see prices opening higher above support at the 186.30/00 area to reach towards the 186.66 high of last week. Positive daily and weekly studies keep pressure on the upside and suggest room for extension to target 186.87 January high next. Clearance here and the 187.00 level, if seen, will turn focus to the April highs at 187.55 and 187.95. Deep overbought daily studies suggest reaction here likely on retest. Meanwhile, support remains at the 186.00 level and see break here needed to ease the upside pressure and open up room for pullback to support at 185.35/185.00 area.