Chart EUR/JPY Update: Lower in range - daily studies under pressure
Cautious trade beneath congestion resistance at 173.00 has given way to a break lower
| 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
13:35 BST - Cautious trade beneath congestion resistance at 173.00 has given way to a break lower, with prices accelerating down to 171.10~ before bouncing back to 171.85. Oversold intraday studies are edging higher, suggesting potential for a test of resistance at 172.00. But deteriorating daily readings and mixed/negative weekly charts should limit any break in renewed selling interest beneath 173.00. Meanwhile, rising longer-term charts should limit any initial tests below 171.00 in consolidation above critical support at congestion around 170.00. A close beneath here would turn sentiment negative and extend late-July losses initially to 169.00.