Chart EUR/JPY Update: Higher in range
Cautious trade has given way to a break above 172.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.43 | ** | July 2024 (y) high | S1 | 172.00 | * | break level | |
| R3 | 175.00 | ** | figure | S2 | 171.00 | * | break level | |
| R2 | 173.90/00 | ** | 28 Jul YTD high; cong | S3 | 170.00 | ** | congestion | |
| R1 | 173.00 | * | congestion | S4 | 169.00 | ** | congestion, 38.2% ret |
Asterisk denotes strength of level
14:35 BST - Cautious trade has given way to a break above 172.00, with prices currently trading around 172.60. Resistance is at congestion around 173.00. But already overbought intraday studies are expected to limit any initial tests in consolidation, before rising daily readings and a tick higher in falling weekly stochastics prompt a break. A close above 173.00 will improve sentiment and open up critical resistance at the 173.90 current year high of 28 July and congestion around 174.00. However, the flat weekly Tension Indicator could limit any initial tests in fresh consolidation. Meanwhile, support is raised to 172.00. A close beneath here, if seen, will open up 171.00, where renewed buying interest/consolidation is looked for.