Chart EUR/JPY Update: Retracing August gains
Choppy trade within the 186.00/185.00 range has given way to sharp pullback to retrace gains from the August current year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.30 | ** | Jun high | S1 | 183.15/00 | ** | Jun low, congestion | |
| R3 | 186.00 | ** | congestion | S2 | 182.00 | ** | congestion, May low | |
| R2 | 185.00 | ** | congestion | S3 | 180.80 | ** | Feb low | |
| R1 | 184.00 | * | congestion | S4 | 180.00 | * | figure |
Asterisk denotes strength of level
01:40 GMT - Choppy trade within the 186.00/185.00 range has given way to sharp pullback to retrace gains from the August current year low. Follow-through below the 184.00 level see room for further losses towards strong support at 183.15/00 June low and congestion area. Would expect reaction at here but negative daily and weekly studies suggest this giving way to break later. Lower will turn focus to the 182.00 congestion then 180.80 low of February. Meanwhile, resistance is lowered to the 184.00/184.50 congestion area which is expected to cap and sustain losses from the 186.00 resistance.