Chart EUR/JPY Update: Pushing higher
Steady buying interest has reached resistance at the 184.75 weekly high of 25 February
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.87 | ** | 23 Jan YTD high | S1 | 184.00 | * | congestion | |
| R3 | 186.22 | ** | 9 Feb (m) high | S2 | 183.00 | * | break level | |
| R2 | 185.00 | ** | break level | S3 | 182.00 | * | congestion | |
| R1 | 184.75~ | * | 25 Feb (w) high | S4 | 180.80/00 | ** | 12 Feb YTD low; cong |
Asterisk denotes strength of level
14:40 BST - Steady buying interest has reached resistance at the 184.75 weekly high of 25 February, with rising intraday studies highlighting room for continuation towards resistance at 185.00. Already overbought intraday stochastics could limit any initial tests of this range in consolidation, before rising daily readings and unwinding oversold weekly stochastics prompt further gains. A close above here will improve sentiment and extend February gains towards the 186.22 monthly high of 9 February. Meanwhile, support is raised to congestion around 184.00. A close beneath here, if seen, will help to stabilise price action and prompt consolidation above 183.00.