Chart EUR/JPY Update: Further consolidation - studies under pressure
Still little change, as prices extend consolidation following the bounce from the 180.80 current year low of 12 February
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 185.00 | ** | break level | S1 | 181.00 | ** | congestion | |
| R3 | 184.00 | * | congestion | S2 | 180.80 | * | 12 Feb YTD low | |
| R2 | 183.00 | * | break level | S3 | 180.30 | * | 38.2% ret of Jul-Jan rally | |
| R1 | 182.50 | * | break level | S4 | 180.00 | ** | congestion |
Asterisk denotes strength of level
11:55 GMT - Still little change, as prices extend consolidation following the bounce from the 180.80 current year low of 12 February. The anticipated break above 182.00 has reached 182.30~. But mixed intraday studies and mixed/negative daily readings should limit any immediate tests above here in renewed selling interest towards resistance at 182.50. A close above here, however, would help to stabilise price action and prompt consolidation beneath congestion around 184.00. Following cautious/corrective trade, fresh losses are looked for. Support is at congestion around 181.00 and extends to 180.80. A close beneath here will add weight to sentiment and extend January losses towards the 180.30 Fibonacci retracement.