Chart EUR/JPY Update: Consolidating - any gains to remain limited
Still little change, as mixed intraday studies keep near-term sentiment cautious and extend cautious trade beneath congestion resistance at 184.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1979-2000 fall | S1 | 183.15 | 12 Aug low | ||
| R3 | 186.00 | congestion | S2 | 182.50 | ** | congestion | ||
| R2 | 185.00 | ** | break level | S3 | 182.00 | ** | congestion | |
| R1 | 184.00 | * | congestion | S4 | 180.80 | ** | 12-16 Feb (m) low |
Asterisk denotes strength of level
14:10 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend cautious trade beneath congestion resistance at 184.00. The daily Tension Indicator continues to rise, suggesting room for a retest above here. But positive daily stochastics are flattening and broader weekly charts are negative, suggesting any immediate break should be limited in renewed selling interest beneath 185.00.
Following cautious trade, fresh losses are looked for. A later break below the 183.15 low of 12 August will add weight to sentiment and open up a test of support within the 182.00 - 182.50 range.