Chart EUR/JPY Update: Extending gains, but stretched
Consolidation at the 180.00 figure has given way to sharp break higher to extend gains within the bullish channel from the 154.80, February YTD low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 185.50 | * | 23 Aug 1990 high | S1 | 180.60 | intraday level | ||
| R3 | 184.00 | * | congestion | S2 | 180.00 | * | congestion | |
| R2 | 182.60/00 | * | 21 Aug 1990 low, congestion | S3 | 178.82 | * | Oct high | |
| R1 | 182.00 | * | congestion | S4 | 178.00 | * | congestion |
Asterisk denotes strength of level
01:25 GMT - Consolidation at the 180.00 figure has given way to sharp break higher to extend gains within the bullish channel from the 154.80, February YTD low. Break above the 181.00 level see room for extension to target the 182.00 level next but deep overbought daily and weekly studies caution corrective pullback. Higher, if seen, will see room for extension to 182.60/183.00 area. Meanwhile, support is raised to the 180.60/180.00 area which should underpin. Break here will ease the upside pressure and see room for deeper pullback to support at the 178.82/178.00 October highs.