Chart EUR/JPY Update: Consolidating gains - studies improving
Anticipated gains have extended to 185.55, before settling lower into consolidation around 185.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.87 | ** | 23 Jan YTD high | S1 | 184.00 | * | congestion | |
| R3 | 186.22 | ** | 9 Feb (m) high | S2 | 183.00 | * | break level | |
| R2 | 185.55 | current day high | S3 | 182.00 | * | congestion | ||
| R1 | 185.00 | ** | break level | S4 | 180.80/00 | ** | 12 Feb YTD low; cong |
Asterisk denotes strength of level
14:30 BST - Anticipated gains have extended to 185.55, before settling lower into consolidation around 185.00, as intraday studies turn down. Daily readings have ticked higher once again and broader weekly charts are also showing signs of improvement, suggesting room for further strength in the coming sessions. A close above 185.00 will help to improve sentiment. But already overbought daily stochastics should limit initial scope in renewed consolidation beneath the 186.22 monthly high of 9 February, before prices continue higher. Meanwhile, support remains at congestion around 184.00. A close beneath here, if seen, will help to stabilise price action and prompt consolidation above 183.00.