Chart EUR/JPY Update: Consolidating - studies under pressure
Little change, as prices extend consolidation following the bounce from the 180.80 current year low of 12 February
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 185.00 | ** | break level | S1 | 181.00 | ** | congestion | |
| R3 | 184.00 | * | congestion | S2 | 180.80 | * | 12 Feb YTD low | |
| R2 | 183.00 | * | break level | S3 | 180.30 | * | 38.2% ret of Jul-Jan rally | |
| R1 | 182.50 | * | break level | S4 | 180.00 | ** | congestion |
Asterisk denotes strength of level
12:15 GMT - Little change, as prices extend consolidation following the bounce from the 180.80 current year low of 12 February. Intraday studies are rising and oversold daily stochastics are flattening, suggesting room for a break above 182.00. But the negative daily Tension Indicator and bearish weekly charts should prompt renewed selling interest towards resistance at 182.50. A close above here, however, would help to stabilise price action and prompt consolidation beneath congestion around 184.00. Following cautious/corrective trade, fresh losses are looked for. A close below 180.80 will add weight to sentiment and extend January losses towards the 180.30 Fibonacci retracement.