Chart EUR/JPY Update: Choppy in range
The anticipated break below 180.00 has bounced smartly from support at the 179.50 range highs in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 182.70 | ** | 50% ret of Jul-Sep fall | S1 | 180.00 | ** | congestion | |
| R3 | 182.00 | * | break level | S2 | 179.50 | range highs | ||
| R2 | 181.55 | ** | 38.2% ret of Jul-Sep fall | S3 | 177.80/00 | * | 14 Sep YTD low; cong | |
| R1 | 181.00 | * | congestion | S4 | 177.50 | * | congestion |
Asterisk denotes strength of level
14:20 BST - The anticipated break below 180.00 has bounced smartly from support at the 179.50 range highs in JPY-driven trade, with prices once again trading above 180.00. Rising intraday studies and positive daily readings highlight room for continuation towards congestion resistance at 181.00. But flat overbought daily stochastics and mixed/negative weekly charts should limit any further gains in renewed selling interest towards the 181.55 Fibonacci retracement.
Meanwhile, a close below 179.50 would turn sentiment neutral and prompt consolidation above critical support at the 177.80 current year low of 14 September and congestion around 178.00.