Chart EUR/JPY Update: Choppy in range - daily studies mixed
The bounce from support at 185.50 has broken back above 185.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20 | ** | May 1990 (y) high | S1 | 185.50 | * | recent range lows | |
| R3 | 187.95 | ** | 17 Apr YTD high | S2 | 185.00 | ** | break level | |
| R2 | 187.35 | ** | 50% ret of 1979-2000 fall | S3 | 184.00 | * | congestion | |
| R1 | 186.00 | * | congestion | S4 | 183.15 | * | 12 Aug low |
Asterisk denotes strength of level
14:20 BST - The bounce from support at 185.50 has broken back above 185.50, with prices currently balanced in cautious trade around 185.60. Intraday studies are mixed/positive, suggesting room for continuation towards congestion resistance at 186.00. But bearish daily stochastics and the flat daily Tension Indicator should limit any initial tests in consolidation. Broader weekly charts are rising. But a close above here is needed to improve sentiment and extend sharp August gains towards strong resistance at the 187.35 Fibonacci retracement.
Meanwhile, support remains at the 185.50 recent range lows. But a close below 185.00 is needed to turn sentiment bearish and prompt a deeper retracement down to congestion around 184.00.