Chart EUR/JPY Update: Choppy beneath multi-year high
Sharp selling interest has bounced from 186.25
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20~ | ** | May 1990 (y) high | S1 | 186.25 | intraday low | ||
| R3 | 187.95/00 | * | 17 Apr YTD high; figure | S2 | 186.00 | * | congestion | |
| R2 | 187.60 | * | August 1990 high | S3 | 185.00 | ** | break level | |
| R1 | 187.35 | ** | 50% ret of 1979-2000 fall | S4 | 184.00 | * | congestion |
Asterisk denotes strength of level
10:15 BST - Sharp selling interest has bounced from 186.25, as oversold intraday studies unwind, with prices currently trading around 186.95. A test above here cannot be ruled out. But deteriorating daily readings should limit scope in renewed selling interest towards resistance at the 187.35 multi-decade Fibonacci retracement and the 187.60 high of August 1990. A break would open up the 187.95 current year high of 17 April. But a further close above the 188.20~ multi-year high of May 1990 is needed to turn sentiment positive and confirm continuation of long-term gains. Following cautious trade, further losses are looked for. A break below congestion support at 186.00 will open up 185.00, where rising weekly charts could prompt renewed buying interest.