Chart EUR/JPY Update: Consolidating retest of 186.87 year high
Consolidating retest of the 186.87 January current year high as prices unwind overbought intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20 | ** | May 1990 yr high | S1 | 186.00 | congestion | ||
| R3 | 187.60 | * | Aug 1990 high | S2 | 184.77/50 | ** | 25 Feb high, congestion | |
| R2 | 187.30 | * | 50% 1979/2000 fall | S3 | 184.00 | * | congestion | |
| R1 | 186.87 | ** | 23 Jan YTD high | S4 | 183.00 | * | congestion |
Asterisk denotes strength of level
01:20 GMT - Consolidating retest of the 186.87 January current year high as prices unwind overbought intraday studies. However, pressure remains on the upside and suggest consolidation giving way to break later to extend the underlying bull trend from the 2000 year low. Higher will see scope for extension to 187.30, 50% Fibonacci level. Beyond this will see room to the 187.60/188.20, August/May 1990 year highs. Meanwhile, support is raised to the 186.00 level which should underpin. Below this will open up room for deeper pullback to strong support at the 184.77/184.50, 25 February high and congestion area.