Chart EUR/JPY Update: Fresh multi-year high
Consolidation within strong resistance at the 187.35 multi-decade Fibonacci retracement and the 187.60 high of August 1990 has given way to a spike to a fresh year high at 187.95
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20~ | ** | May 1990 (y) high | S1 | 186.87 | * | 23 Jan (m) high | |
| R3 | 187.95/00 | * | fresh year high; 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 - Consolidation within strong resistance at the 187.35 multi-decade Fibonacci retracement and the 187.60 high of August 1990 has given way to a spike to a fresh year high at 187.95, before falling back to trade around 187.50. Intraday studies are under pressure, highlighting room for a pullback. But mixed/positive daily readings and improving weekly charts should limit scope in renewed buying interest towards the 186.87 monthly high of 23 January. A close beneath here, however, will turn sentiment neutral and give way to consolidation above congestion support at 186.00. Following cautious trade, fresh gains are looked for. Critical resistance is up to the 188.20~ multi-year high of May 1990. A close above here would improve sentiment and confirm continuation of long-term gains.