Chart EUR/JPY Update: Range extension
Little change, as prices extend cautious trade around 172.55
| 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
14:00 BST - Little change, as prices extend cautious trade around 172.55. Resistance is at congestion around 173.00. But mixed 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 remains at 172.00. A close beneath here, if seen, will open up 171.00, where renewed buying interest/consolidation is looked for.