Chart EUR/JPY Update: Consolidating gains - background studies rising
Little change, as prices extend cautious trade just beneath congestion resistance at 186.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20 | ** | May 1990 (y) high | S1 | 185.00 | ** | break level | |
| R3 | 187.95 | ** | 17 Apr YTD high | S2 | 184.00 | * | congestion | |
| R2 | 187.35 | ** | 50% ret of 1979-2000 fall | S3 | 183.15 | * | 12 Aug low | |
| R1 | 186.00 | * | congestion | S4 | 182.50 | ** | congestion |
Asterisk denotes strength of level
13:55 BST - Little change, as prices extend cautious trade just beneath congestion resistance at 186.00. Mixed intraday studies and flat overbought daily stochastics suggest room for further consolidation. But the rising daily Tension Indicator and improving weekly charts point to room for a later break and extension of sharp August gains towards strong resistance at the 187.35 multi-year Fibonacci retracement. However, already overbought daily stochastics should limit any immediate tests in profit-taking/consolidation.
Meanwhile, support remains at 185.00. A close beneath here would help to stabilise sentiment and prompt consolidation above congestion support at 184.00.