Chart EUR/JPY Update: Back at highs
Anticipated gains have extended, reaching 185.20 before settling lower into consolidation around 184.75
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1997-2000 fall | S1 | 184.00 | * | congestion | |
| R3 | 186.00 | * | figure | S2 | 183.00 | * | break level | |
| R2 | 185.55~ | ** | 14 Jan YTD high | S3 | 182.00 | * | break level | |
| R1 | 185.00 | ** | break level | S4 | 181.55~ | ** | 17 Dec (w) low |
Asterisk denotes strength of level
08:45 GMT - Anticipated gains have extended, reaching 185.20 before settling lower into consolidation around 184.75. Negative daily readings have flattened, suggesting a minor improvement in near-term sentiment and room for further tests higher in the coming sessions. But negative weekly charts are expected to limit scope in renewed selling interest within the 185.00 - 185.55~ range. A close above here, however, will turn sentiment positive and extend long-term gains towards the 187.35 multi-decade Fibonacci retracement. Meanwhile, support is at congestion around 184.00. But a close below 183.00 will signal a near-term top in place and add weight to sentiment, as focus then turns to the 181.55~ weekly low of 17 December.