Chart EUR/JPY Update: Range extension - studies improving
Still little change, as prices extend cautious trade beneath congestion resistance at 186.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20 | ** | May 1990 (y) high | S1 | 185.50 | * | recent range lows | |
| R3 | 187.95 | ** | 17 Apr YTD high | S2 | 185.00 | ** | break level | |
| R2 | 187.35 | ** | 50% ret of 1979-2000 fall | S3 | 184.00 | * | congestion | |
| R1 | 186.00 | * | congestion | S4 | 183.15 | * | 12 Aug low |
Asterisk denotes strength of level
14:10 BST - Still little change, as prices extend cautious trade beneath congestion resistance at 186.00. Intraday studies have turned higher and daily readings have also improved, suggesting room for fresh gains in the coming sessions. A close above here will improve sentiment and extend sharp August gains towards strong resistance at the 187.35 multi-year Fibonacci retracement. However, already overbought daily stochastics could limit any initial tests in renewed selling interest/consolidation.
Meanwhile, support is at the 185.50 recent range lows. A close beneath here, if seen, would open up 185.00. Positive weekly charts could limit any initial tests in fresh consolidation/buying interest.