Chart EUR/JPY Update: Extending corrective bounce
Break above the 182.00 level see prices extending bounce from the 179.35 low to retrace losses from the 187.47 high of 29 July
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 183.70 | * | 200-day MA | S1 | 180.80 | * | Feb low | |
| R3 | 183.40 | * | 50% Jul/Aug fall | S2 | 180.00 | * | congestion | |
| R2 | 183.17 | ** | Jun low | S3 | 179.35 | ** | 3 Aug YTD low | |
| R1 | 182.45 | * | 38.2% Jul/Aug fall | S4 | 178.80 | * | Oct high |
Asterisk denotes strength of level
01:00 GMT - Break above the 182.00 level see prices extending bounce from the 179.35 low to retrace losses from the 187.47 high of 29 July. Intraday and daily studies are unwinding oversold readings and higher will see room to 38.2% Fibonacci level at 182.45. Higher still, will see scope to strong resistance at the 183.17 June low which is expected to cap. Corrective gains are expected to give way to renewed selling pressure later. Below the 180.80 support will return focus to the 180.00 level and 179.35 low. Break of these will see room for extension to support at 178.80/178.00, October highs and congestion area.