Chart EUR/JPY Update: Cautious trade - background studies under pressure
Little change, as prices extend cautious trade within the 182.00 - 183.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.22 | ** | 9 Feb (w) high | S1 | 182.00 | * | congestion | |
| R3 | 185.00 | ** | break level | S2 | 181.00 | ** | congestion | |
| R2 | 184.00 | * | congestion | S3 | 180.80 | ** | 12 Feb YTD low | |
| R1 | 183.00 | * | break level | S4 | 180.30 | ** | 38.2% ret of Jul-Jan rally |
Asterisk denotes strength of level
14:00 GMT - Little change, as prices extend cautious trade within the 182.00 - 183.00 range. Positive daily readings have flattened, highlighting a cautious tone and room for further consolidation into the coming sessions, before bearish weekly charts prompt renewed losses. A later close below congestion support at 182.00 will add weight to sentiment and open up critical support at the 180.80 current year low of 12 February and congestion around 181.00. Continuation beneath here will extend January losses beneath the 180.30 Fibonacci retracement. Meanwhile, a close above 183.00, if seen, will open up congestion around 184.00, where fresh selling interest is expected to appear.