Chart EUR/JPY Update: Sharp bounce from fresh year low
Cautious trade has given way to a spike below support within the 177.50 - 178.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 181.00 | * | congestion | S1 | 178.00 | * | congestion | |
| R3 | 180.00 | ** | congestion | S2 | 177.50 | * | congestion | |
| R2 | 179.50 | range highs | S3 | 177.35~ | ** | fresh YTD low | ||
| R1 | 179.00 | * | congestion | S4 | 177.00 | ** | congestion |
Asterisk denotes strength of level
10:15 BST - Cautious trade has given way to a spike below support within the 177.50 - 178.00 range, with prices posting a fresh year low around 177.35, before bouncing back above 178.00. Intraday studies are rising, suggesting room for consolidation, before negative daily readings and mixed/negative weekly charts prompt fresh losses. A break back below congestion support at 178.00 will open up further congestion around 177.50. A close beneath here will add weight to sentiment and extend broad April losses towards congestion around 177.00.
Meanwhile, resistance remains at congestion around 179.00. A close above here, if seen, would help to stabilise sentiment and prompt consolidation within congestion centred around 179.50.