Chart EUR/JPY Update: Cautious trade - gains to remain limited
Cautious trade has given way to a test above resistance at 176.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 178.90 | ** | Sep 1990 high | S1 | 175.00 | * | congestion | |
| R3 | 178.00 | ** | Jan 1991 (y) high | S2 | 174.00 | ** | congestion | |
| R2 | 177.00 | intraday break level | S3 | 173.25 | * | 3 Oct high, gap low | ||
| R1 | 176.00 | * | break level | S4 | 172.00 | ** | congestion |
Asterisk denotes strength of level
09:45 BST - Cautious trade has given way to a test above resistance at 176.00, with prices meeting selling interest around 176.35 before settling into consolidation around 175.80. Intraday studies are rising, suggesting room for a fresh test above 176.00. But negative daily readings and mixed/negative weekly charts should limit scope in renewed selling interest beneath 177.00. Following cautious trade, fresh losses are looked for. A later break below congestion support at 175.00 will add weight to sentiment and open up further congestion around 174.00. A further break beneath here would open up the 173.25 high of 3 October, and close the gap opened from here.