Chart EUR/JPY Update: Choppy beneath current year highs
Cautious trade, as mixed intraday studies keep near-term sentiment cautious and extend choppy price action within the 185.00 - 186.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.25 | ** | May 1990 (y) high | S1 | 185.00 | ** | break level | |
| R3 | 187.60 | ** | August 1990 high | S2 | 184.00 | * | congestion | |
| R2 | 187.35 | ** | 50% ret of 1997-2000 fall | S3 | 183.00 | * | break level | |
| R1 | 186.87 | ** | 23 Jan YTD high | S4 | 182.50 | * | break level |
Asterisk denotes strength of level
12:30 GMT - Cautious trade, as mixed intraday studies keep near-term sentiment cautious and extend choppy price action within the 185.00 - 186.00 range. Daily stochastics and the daily Tension Indicator are rising, suggesting room for continuation towards critical resistance at the 186.87 current year high of 23 January. But negative weekly readings and mixed/negative longer-term charts should limit any tests in renewed selling interest. A break, if seen, will extend long-term gains towards the 187.35 Fibonacci retracement, where more significant selling interest is expected to appear. Meanwhile, support is at 185.00 and extends to congestion around 184.00. This range should underpin any immediate setbacks.