Chart EUR/JPY Update: Choppy trade - studies leaning lower
Still little change, as prices extend cautious trade beneath congestion resistance at 173.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.40 | ** | July 2024 (y) high | S1 | 172.00 | * | break level | |
| R3 | 175.00 | ** | figure | S2 | 171.00 | ** | range lows | |
| R2 | 173.90/00 | ** | 28 Jul YTD high; cong | S3 | 170.00 | ** | congestion | |
| R1 | 173.00 | * | congestion | S4 | 169.00 | ** | congestion, 38.2% ret |
Asterisk denotes strength of level
14:15 BST - Still little change, as prices extend cautious trade beneath congestion resistance at 173.00. Intraday studies are under pressure and overbought daily stochastics are unwinding, highlighting room for a drift lower towards support at 172.00. However, the positive daily Tension Indicator is expected to limit any initial tests in consolidation, before a tick lower weekly charts prompts a break. A close beneath here will open up 171.00. A further close below congestion support at 170.00 is needed to confirm a significant top in place at the 173.90 current year high of 28 July, and extend losses towards 169.00. Meanwhile, a close above 173.00, if seen, should be limited in consolidation beneath 173.90/00.