Chart EUR/JPY Update: Balanced beneath fresh multi-year high
The break above 183.00 has posted a fresh multi-year high around 183.17
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1979-2000 fall | S1 | 182.00 | * | break level | |
| R3 | 186.00 | * | figure | S2 | 181.00 | ** | congestion | |
| R2 | 185.00 | * | figure | S3 | 180.00 | ** | historic congestion | |
| R1 | 183.00/17 | * | figure; fresh YTD high | S4 | 179.00 | * | break level |
Asterisk denotes strength of level
14:15 GMT - The break above 183.00 has posted a fresh multi-year high around 183.17, before settling back as intraday studies turn down to trade around 182.40. Daily readings are turning down and broader weekly charts are deteriorating, highlighting difficulty sustaining any fresh tests above 183.00/17. In the coming sessions, lower levels are looked for, with support at 182.00. A break will open up congestion around 181.00. But a close below 180.00 is needed to turn sentiment negative and confirm a near-term top in place, as renewed selling interest then targets 179.00. Meanwhile, a close above 183.00, if seen, will improve sentiment and extend long-term gains towards 185.00.