Chart EUR/JPY Update: Approaching year highs
Consolidation around 186.00 has given way to further gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.60 | * | August 1990 high | S1 | 186.00 | * | congestion | |
| R3 | 187.35 | ** | 50% ret of 1979-2000 fall | S2 | 185.00 | ** | break level | |
| R2 | 187.00 | figure | S3 | 184.00 | * | congestion | ||
| R1 | 186.87 | ** | 23 Jan YTD high | S4 | 183.00 | * | break level |
Asterisk denotes strength of level
14:20 BST - Consolidation around 186.00 has given way to further gains, as intraday studies continue to rise, with prices currently trading around 186.65. Focus is on the 186.87 current year high of 23 January. But flat overbought daily stochastics could limit any initial tests in consolidation, before the rising daily Tension Indicator and improving weekly charts prompt further gains. A break above here will improve sentiment and extend long-term gains towards the 187.35 multi-year Fibonacci retracement. Fresh profit-taking could appear towards here. Meanwhile, support is raised to congestion around 186.00. A close beneath here would turn sentiment neutral and prompt consolidation above further congestion around 185.00.