Chart EUR/JPY Update: Extending consolidation at fresh multi-year highs
Little change, as prices extend cautious trade at multi-year highs within strong resistance at the 187.35 multi-decade Fibonacci retracement and the 187.60 high of August 1990
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20~ | ** | May 1990 (y) high | S1 | 186.87 | * | 23 Jan (m) high | |
| R3 | 188.00 | figure | S2 | 186.00 | * | congestion | ||
| R2 | 187.60 | * | August 1990 high | S3 | 185.00 | ** | break level | |
| R1 | 187.35 | ** | 50% ret of 1979-2000 fall | S4 | 184.00 | * | congestion |
Asterisk denotes strength of level
14:15 BST - Little change, as prices extend cautious trade at multi-year highs within strong resistance at the 187.35 multi-decade Fibonacci retracement and the 187.60 high of August 1990. Overbought daily stochastics are turning down, suggesting potential for consolidation within here, before the rising daily Tension Indicator and improving weekly charts prompt further gains. A close above here will improve sentiment and extend long-term gains towards critical resistance at the 188.20~ multi-year high of May 1990. Meanwhile, support remains at the 186.87 monthly high of 23 January. A close beneath here would help to stabilise price action and prompt consolidation above congestion around 186.00.