Chart EUR/JPY Update: Cautious trade beneath year high
Little change, as prices extend consolidation beneath congestion resistance at 172.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 174.00 | congestion | S1 | 171.00 | break level | |||
| R3 | 173.00 | * | congestion | S2 | 170.00 | congestion | ||
| R2 | 172.27 | * | 9 Jul YTD high | S3 | 169.00 | * | congestion | |
| R1 | 172.00 | * | congestion | S4 | 168.00 | ** | break level |
Asterisk denotes strength of level
14:15 BST - Little change, as prices extend consolidation beneath congestion resistance at 172.00. Intraday studies are turning down and positive daily readings are also flattening, highlighting a more cautious tone and room for a pullback in the coming sessions towards support at 171.00. A break will open up congestion around 170.00. But positive weekly charts are expected to limit any immediate tests in fresh consolidation. Meanwhile, resistance remains at 172.00 and extends to the 172.27 current year high of 9 July. A close above here is needed to turn sentiment positive and extend broad August 2024 gains towards further congestion around 173.00.