Chart EUR/JPY Update: Limited scope above 172.00
Little change, as prices extend consolidation around resistance at 172.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.00 | ** | figure | S1 | 171.00 | ** | break level | |
| R3 | 173.90/00 | ** | 28 Jul YTD high; cong | S2 | 170.00 | congestion | ||
| R2 | 173.00 | * | congestion | S3 | 169.00 | * | congestion, 38.2% ret | |
| R1 | 172.00 | * | break level | S4 | 168.00 | ** | congestion |
Asterisk denotes strength of level
09:40 BST - Little change, as prices extend consolidation around resistance at 172.00. Intraday studies are turning down and rising daily readings are flattening, suggesting a more cautious tone and difficulty sustaining any fresh tests above here. Congestion resistance at 173.00 should cap any immediate tests higher. In the coming sessions, consolidation is highlighted, before deteriorating weekly charts prompt fresh losses. A later break below support at 171.00 will open up congestion around 170.00. Continuation beneath here will add weight to sentiment and confirm a near-term top in place at the 173.90 current year high of 28 July, as late-July losses extend initially to 169.00.