Chart EUR/JPY Update: Under pressure
Anticipated minor tests higher have been pushed back from beneath the 184.75~ weekly high of 25 February
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 185.00 | ** | break level | S1 | 182.00 | * | congestion | |
| R3 | 184.75~ | 25 Feb (w) high | S2 | 181.00 | ** | congestion | ||
| R2 | 184.00 | * | congestion | S3 | 180.80 | ** | 12 Feb YTD low | |
| R1 | 183.00 | * | break level | S4 | 180.30 | ** | 38.2% ret of Jul-Jan rally |
Asterisk denotes strength of level
14:35 GMT - Anticipated minor tests higher have been pushed back from beneath the 184.75~ weekly high of 25 February, with sharp selling interest extending losses below 183.00. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is showing signs of flattening, suggesting room for further losses in the coming sessions. A break below congestion support at 182.00 will add weight to sentiment and open up a test of critical support within the 180.80 current year low of 12 February and congestion around 181.00. However, already oversold weekly stochastics could limit any initial tests in consolidation. Meanwhile, a close back above 183.00 would help to stabilise price action and prompt consolidation beneath congestion around 184.00.