Chart EUR/JPY Update: Extending cautious trade
Little change, as prices extend cautious trade around 187.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20~ | ** | May 1990 (y) high | S1 | 186.25 | * | 20 Apr (w) 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
14:05 BST - Little change, as prices extend cautious trade around 187.00. Oversold daily stochastics are edging higher, suggesting room for a test of resistance at the 187.35 Fibonacci retracement. But the negative daily Tension Indicator should limit any immediate break in renewed consolidation beneath the 187.60 high of August 1990. Broader weekly charts are rising, 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. Meanwhile, support remains at the 186.25 weekly low of 20 April and extends to congestion around 186.00. This range should underpin any immediate setbacks.