Chart EUR/JPY Update: Under pressure
The anticipated push higher towards critical resistance at the 186.87 current year high of 23 January has not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1997-2000 fall | S1 | 184.00 | * | congestion | |
| R3 | 186.87 | ** | 23 Jan YTD high | S2 | 183.00 | * | break level | |
| R2 | 186.22 | 9 Feb high | S3 | 182.50 | * | break level | ||
| R1 | 185.00 | ** | break level | S4 | 181.78 | ** | 26 Jan YTD low |
Asterisk denotes strength of level
12:30 GMT - The anticipated push higher towards critical resistance at the 186.87 current year high of 23 January has not been seen, as consolidation gives way to profit-taking and a break below 185.00. Intraday studies are negative and daily stochastics are turning down, highlighting room for continuation towards congestion support at 184.00. However, the rising daily Tension Indicator is expected to limit any initial break in renewed consolidation above 183.00, before negative weekly charts extend losses still further. Meanwhile, a close above 185.00, if seen, would help to stabilise price action and prompt consolidation beneath the 186.22 high of 9 February.