Chart EUR/JPY Update: Critical resistance at 177.94/00
Cautious trade is giving way to steady EUR- and JPY-driven gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 181.00 | historic congestion | S1 | 177.00 | break level | |||
| R3 | 180.00 | ** | historic congestion | S2 | 176.00 | * | break level | |
| R2 | 178.90 | ** | Sep 1990 high | S3 | 175.00 | * | congestion | |
| R1 | 177.94/00 | ** | 9 Oct YTD; Jan 1991 (y) highs | S4 | 174.00 | ** | congestion |
Asterisk denotes strength of level
14:20 BST - Cautious trade is giving way to steady EUR- and JPY-driven gains, with the break above 177.00 currently trading around 177.75. Focus is on critical resistance at the 177.94 currnet year high of 9 October and the 178.00 year high of January 1990. But flat overbought intraday studies are expected to limit any initial tests in consolidation, before positive daily readings and improving weekly charts prompt a break. A close above here will turn sentiment positive and extend long-term gains towards the 178.90 high of September 1990. Meanwhile, a close back below 177.00 would stabilise price action and give way to consolidation above 176.00.