Chart EUR/JPY Update: Consolidating - daily studies under pressure
The anticipated test of resistance at 172.00 has extended to 172.35
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.00 | ** | figure | S1 | 171.00 | * | break level | |
| R3 | 173.90/00 | ** | 28 Jul YTD high; cong | S2 | 170.00 | ** | congestion | |
| R2 | 173.00 | * | congestion | S3 | 169.00 | ** | congestion, 38.2% ret | |
| R1 | 172.00 | * | break level | S4 | 168.00 | ** | congestion |
Asterisk denotes strength of level
14:10 BST - The anticipated test of resistance at 172.00 has extended to 172.35, before settling back into consolidation around 172.00. Rising intraday studies highlight potential for a fresh test higher. But negative daily readings and mixed/negative weekly charts are expected to limit scope in renewed selling interest beneath congestion resistance at 173.00. Meanwhile, support remains at 171.00. A break beneath here cannot be ruled out. But rising longer-term charts should limit scope in fresh buying interest above critical support at congestion around 170.00. A close beneath here would turn sentiment negative and extend late-July losses initially to 169.00.