Chart EUR/JPY Update: Limited tests lower
Little change, as consolidation around 187.00 gives way to a minor pullback to 186.85
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20~ | ** | May 1990 (y) high | S1 | 186.25 | 20 Apr low | ||
| R3 | 187.95/00 | * | 17 Apr YTD high; figure | S2 | 186.00 | * | congestion | |
| R2 | 187.60 | * | August 1990 high | S3 | 185.00 | ** | break level | |
| R1 | 187.35 | ** | 50% ret of 1979-2000 fall | S4 | 184.00 | * | congestion |
Asterisk denotes strength of level
14:25 BST - Little change, as consolidation around 187.00 gives way to a minor pullback to 186.85. Intraday studies are turning down and daily readings remain negative, highlighting room for a pullback towards support at congestion around 186.00 and the 186.25 low of 20 April. However, rising weekly charts should limit any deeper reactions, if seen, in consolidation above 185.00. Meanwhile, resistance remains at the 187.35 multi-year Fibonacci retracement and extends to the 187.60 high of August 1990. But a close above the 188.20~ multi-year high of May 1990 is needed to turn sentiment positive and confirm continuation of long-term gains.