Chart EUR/JPY Update: Consolidation see resistance at 182.00
Turned up from fresh year low at 179.35 as prices consolidate steep drop from the 187.47 high of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 184.00 | * | congestion | S1 | 180.80 | * | Feb low | |
| R3 | 183.17 | ** | Jun low | S2 | 180.00 | * | congestion | |
| R2 | 183.00 | * | congestion | S3 | 179.35 | ** | 3 Aug YTD low | |
| R1 | 182.00 | ** | congestion, May low | S4 | 178.80 | * | Oct high |
Asterisk denotes strength of level
01:20 GMT - Turned up from fresh year low at 179.35 as prices consolidate steep drop from the 187.47 high of last week. Bounce see prices back in consolidation above 180.80 February low to unwind oversold intraday and daily studies and see room to strong resistance at the 182.00 congestion and May low which is expected to cap. Break here, if seen, will open up room for stronger correction to resistance at the 183.17, June low. Negative weekly studies suggest consolidation giving way to renewed selling pressure later to retest 180.00 level and 179.35 low. Lower will see room to support at 178.80/178.00, October highs and congestion area.