Chart EUR/JPY Update: Balanced at 182.50 - background studies under pressure
Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation around congestion resistance at 182.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.00 | congestion | S1 | 182.00 | ** | congestion | ||
| R3 | 185.00 | ** | break level | S2 | 180.80 | ** | 12-16 Feb (m) low | |
| R2 | 184.00 | * | congestion | S3 | 180.00 | ** | congestion, 23.6% ret | |
| R1 | 182.50 | ** | congestion | S4 | 178.00 | * | break level |
Asterisk denotes strength of level
14:10 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation around congestion resistance at 182.50. Oversold daily stochastics are unwinding, suggesting room for a test above here. But the bearish daily Tension Indicator and deteriorating weekly charts should limit scope in renewed selling interest beneath congestion within the 183.50 - 184.00 range. Following cautious/corrective trade, fresh losses are looked for. A close back below 182.00 would provide further stability. But a further close below the 180.80 monthly lows from 12-16 February will add weight to sentiment and open up strong support at 180.00.