Chart EUR/JPY Update: Leaning lower
Anticipated losses have met buying interest just above congestion support at 182.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 185.00 | ** | break level | S1 | 182.00 | * | congestion | |
| R3 | 184.75~ | 25 Feb (w) high | S2 | 180.80/00 | ** | 12 Feb YTD low; cong | ||
| R2 | 184.00 | * | congestion | S3 | 180.30 | ** | 38.2% ret of Jul-Jan rally | |
| R1 | 183.00 | * | break level | S4 | 180.00 | ** | congestion |
Asterisk denotes strength of level
14:40 GMT - Anticipated losses have met buying interest just above congestion support at 182.00, as intraday studies turn higher, with prices currently balanced around 182.80. A test above resistance at 183.00 cannot be ruled out. But bearish daily readings should limit scope in renewed selling interest beneath congestion resistance at 184.00. Following cautious trade, fresh losses are looked for. A break below 182.00 will open up critical support at the 180.80 current year low of 12 February and congestion around 181.00. But unwinding oversold weekly stochastics should limit any initial tests of this range in short-covering/consolidation.