Chart EUR/JPY Update: Choppy trade - background studies rising
Choppy trade around resistance at the 186.32 monthly high of 16 June has reached 186.70~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1979 - 2000 fall | S1 | 186.00 | ** | congestion | |
| R3 | 187.00 | * | congestion | S2 | 185.50 | break level | ||
| R2 | 186.70~ | intraday high | S3 | 185.00 | ** | break level | ||
| R1 | 186.32 | ** | 16 Jun (m) high | S4 | 184.00 | * | congestion |
Asterisk denotes strength of level
13:55 BST - Choppy trade around resistance at the 186.32 monthly high of 16 June has reached 186.70~, before settling lower once again into consolidation around 186.32. Intraday studies are under pressure and overbought daily stochastics are flat, highlighting room for a drift down to congestion support at 186.00. But the rising daily Tension Indicator and positive weekly charts should limit any deeper losses in renewed buying interest/consolidation above support at 185.50. Following cautious/corrective trade, fresh gains are looked for. A close back above 186.32 will improve sentiment and extend May gains initially towards congestion around 187.00.