Chart EUR/JPY Update: Higher in EUR- and JPY-driven trade
Cautious trade following the test of congestion resistance at 186.00 is giving way to a fresh test higher in both EUR- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1979 - 2000 fall | S1 | 185.40 | break level | ||
| R3 | 187.00 | * | break level | S2 | 185.00 | ** | break level | |
| R2 | 186.50 | congestion | S3 | 184.50 | congestion | |||
| R1 | 186.00 | * | congestion | S4 | 184.00 | * | congestion |
Asterisk denotes strength of level
14:35 BST - Cautious trade following the test of congestion resistance at 186.00 is giving way to a fresh test higher in both EUR- and JPY-driven trade, with prices currently trading around 186.10. The daily Tension Indicator is rising and oversold weekly stochastics are unwinding, suggesting room for continuation towards further congestion around 186.50. But flat overbought daily stochastics should limit any further gains in consolidation/profit-taking beneath 187.00. Meanwhile, support remains at 185.40. A break beneath here, if seen, should be limited in consolidation above 185.00.