Chart EUR/JPY Update: Consolidating early gains - studies improving
The opening gap above 173.00 has been pushed back from critical resistance at the 173.90 current year high of 28 July and congestion around 174.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 176.00 | * | historic congestion | S1 | 173.00 | * | congestion | |
| R3 | 175.40 | ** | July 2024 (y) high | S2 | 172.00 | * | break level | |
| R2 | 175.00 | ** | figure | S3 | 171.00 | ** | range lows | |
| R1 | 173.90/00 | ** | 28 Jul YTD high; cong | S4 | 170.00 | ** | congestion |
Asterisk denotes strength of level
14:05 BST - The opening gap above 173.00 has been pushed back from critical resistance at the 173.90 current year high of 28 July and congestion around 174.00, as positive intraday studies turn mixed, with prices currently balanced around 173.50. Overbought daily stochastics are also flat, suggesting potential for range trade, before the rising daily Tension Indicator prompts a break and extends August 2024 gains towards 175.00. Meanwhile, a close back below congestion support at 173.00, if seen, will turn sentiment neutral and give way to consolidation above support at 172.00.