Chart EUR/JPY Update: Choppy in JPY-driven trade
Consolidation beneath resistance at 185.00 has given way to a spike lower in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.95 | ** | 17 Apr YTD high | S1 | 184.00 | * | congestion | |
| R3 | 187.35 | ** | 50% ret of 1979-2000 fall | S2 | 183.15 | * | 12 Aug low | |
| R2 | 186.00 | * | congestion | S3 | 182.50 | ** | congestion | |
| R1 | 185.00 | ** | break level | S4 | 182.00 | ** | congestion |
Asterisk denotes strength of level
14:10 BST - Consolidation beneath resistance at 185.00 has given way to a spike lower in JPY-driven trade, with prices reaching congestion support at 184.00 before settling into consolidation around 184.50. Intraday studies are under pressure, highlighting room for a retest of 184.00. But rising daily readings and improving weekly charts should limit any immediate break in fresh consolidation above the 183.15 low of 12 August. A further break, however, will add weight to sentiment and put focus on the 182.00 - 182.50 range.
Meanwhile, a close above 185.00 is needed to improve price action and extend early-August gains towards congestion around 186.00.