Chart EUR/JPY Update: Consolidating
Still little change, as prices extend cautious trade
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 167.40 | ** | 50% ret of Jul-Aug fall | S1 | 163.00 | congestion | ||
R3 | 166.00 | ** | break level | S2 | 162.00 | congestion | ||
R2 | 164.90 | ** | 50% ret of Jul-Aug fall | S3 | 161.00 | congestion | ||
R1 | 163.89 | ** | 15 Aug (m) high | S4 | 160.00 | * | congestion |
Asterisk denotes strength of level
14:50 BST - Still little change, as prices extend cautious trade around congestion at 163.00. Intraday studies are under pressure and positive daily readings are also flattening, suggesting a minor deterioration in sentiment and room for a test lower in the coming sessions. Support remains at congestion around 162.00 and is expected to underpin any initial tests as broader weekly charts continue to rise. A close beneath here, however, will complete a short-term distribution top beneath the 163.89 monthly high of 15 August, and prompt a pullback towards 161.00. Meanwhile, a close above 163.89 is needed to confirm continuation of August gains, initially to the 164.90 Fibonacci retracement.