Chart EUR/JPY Update: Consolidating gains - studies rising
The test of resistance at 185.50 has been pushed back to support at 185.00 as overbought intraday studies unwind
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.00 | * | congestion | S1 | 185.00 | ** | break level | |
| R3 | 186.32 | ** | 16 Jun (m) high | S2 | 184.00 | * | congestion | |
| R2 | 186.00 | ** | congestion | S3 | 183.50 | congestion | ||
| R1 | 185.50 | break level | S4 | 183.00 | ** | congestion |
Asterisk denotes strength of level
14:25 BST - The test of resistance at 185.50 has been pushed back to support at 185.00 as overbought intraday studies unwind, with prices currently balanced around 185.15. Daily readings continue to rise and oversold weekly stochastics are turning higher, highlighting room for a retest above 185.50. Focus will then turn to strong resistance at congestion around 186.00 and the 186.32 monthly high of 16 June. But the bearish weekly Tension Indicator should limit any initial tests in consolidation, before positive longer-term charts prompt a later break. Meanwhile, any retests below 185.00 should give way to consolidation within congestion above 184.00.