Chart EUR/JPY Update: Lower in both EUR- and JPY-driven trade
Cautious trade beneath the 184.75~ weekly high of 25 February has given way to a break lower in both EUR- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.22 | ** | 9 Feb (m) high | S1 | 183.00 | * | break level | |
| R3 | 185.00 | ** | break level | S2 | 182.00 | * | congestion | |
| R2 | 184.75~ | 25 Feb (w) high | S3 | 180.80/00 | ** | 12 Feb YTD low; cong | ||
| R1 | 184.00 | * | congestion | S4 | 180.30 | ** | 38.2% ret of Jul-Jan rally |
Asterisk denotes strength of level
14:25 BST - Cautious trade beneath the 184.75~ weekly high of 25 February has given way to a break lower in both EUR- and JPY-driven trade, with steady losses currently pressuring support at 183.00. Daily readings have turned down and broader weekly charts are negative, highlighting room for a break beneath here and continuation down to congestion support at 182.00. Critical support, however, is at 180.80/00. A close beneath here would turn sentiment negative and extend late-January losses below the 180.30 Fibonacci retracement. Meanwhile, resistance is lowered to congestion around 184.00. A close above here, if seen, would stabilise sentiment and prompt consolidation beneath 184.75~ - 185.00.