Chart AUD/JPY Update: Higher in consolidation from 112.00 low
1
Extending bounce from the 112.00 low as prices consolidate losses from the 114.90 high of 2 June
Levels
Imp
Comment
Levels
Imp
Comment
R4
116.00
*
congestion
S1
112.50
8 Jun low
R3
115.00
*
congestion
S2
112.00
**
congestion
R2
114.90
**
2 Jun YTD high
S3
111.30
**
30 Apr low
R1
114.00
**
congestion
S4
110.80
*
9 Feb high
Asterisk denotes strength of level
07:15 GMT - Extending bounce from the 112.00 low as prices consolidate losses from the 114.90 high of 2 June. Daily studies have turned up from oversold areas and regaining the 113.00 level see room to retest strong resistance at the 113.50/114.00 congestion and previous wedge support which is expected to cap. Meanwhile, support remains at the 112.50/112.00 area which should underpin. Would take break of 112.00 to open up room for retest of strong support at the 111.30/110.80 area.