Chart EUR/JPY Update: Choppy in range - studies under pressure
Still little change, as prices extend cautious/choppy trade within the 182.00 - 183.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 185.00 | ** | break level | S1 | 182.00 | * | congestion | |
| R3 | 184.75~ | 25 Feb (w) high | S2 | 180.80/00 | ** | 12 Feb YTD low; cong | ||
| R2 | 184.00 | * | congestion | S3 | 180.30 | ** | 38.2% ret of Jul-Jan rally | |
| R1 | 183.00 | * | break level | S4 | 180.00 | ** | congestion |
Asterisk denotes strength of level
14:10 GMT - Still little change, as prices extend cautious/choppy trade within the 182.00 - 183.00 range. Rising intraday studies are prompting a test of resistance at 183.00. But bearish daily readings and deteriorating weekly charts should limit any break in renewed selling interest beneath congestion resistance at 184.00. In the coming sessions, fresh losses are looked for. A later break below congestion support at 182.00 will open up critical support at the 180.80 current year low of 12 February and congestion around 181.00. A further close beneath here will turn sentiment negative and extend late-January losses towards the 180.30 Fibonacci retracement, ahead of 180.00.