Chart EUR/JPY Update: Sideways in consolidation
Little change, as prices extend consolidation around the 177.00 level following rejection from the 178.50 high of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 180.00 | ** | figure | S1 | 177.00 | * | congestion | |
| R3 | 179.35 | ** | Aug low | S2 | 176.40/20 | * | congestion, 5 Oct low | |
| R2 | 179.00 | * | congestion | S3 | 176.00 | * | congestion | |
| R1 | 178.00/50 | ** | congestion | S4 | 175.08 | ** | 30 Oct YTD low |
Asterisk denotes strength of level
01:40 GMT - Little change, as prices extend consolidation around the 177.00 level following rejection from the 178.50 high of last week. Daily studies have turned mixed and suggest ranging action here likely to extend before giving way to renewed buying interest later to retest 178.00/50 resistance. Clearance here will extend the broader gains from the 175.08 October current year low to retrace losses from the 186.00 high of August to strong resistance at the 179.00 congestion and extending to 179.35, August high. Meanwhile, support at the 176.40/20 area is expected to underpin and sustain bounce from the 175.08 double bottom.