Chart EUR/JPY Update: Cautious trade - studies under pressure
Little change, as recent volatility gives way to consolidation around congestion resistance at 184.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35/60 | ** | 50% ret; Aug 1990 high | S1 | 182.50 | * | congestion | |
| R3 | 186.00 | * | congestion | S2 | 182.00 | ** | congestion | |
| R2 | 185.00 | ** | break level | S3 | 180.80 | ** | 12 Feb YTD low | |
| R1 | 184.00 | * | congestion | S4 | 180.00 | ** | break level |
Asterisk denotes strength of level
14:10 BST - Little change, as recent volatility gives way to consolidation around congestion resistance at 184.00. Intraday studies are rising and oversold daily stochastics are unwinding, suggesting room for a test above here. But the negative daily Tension Indicator and bearish weekly charts should limit scope in renewed selling interest towards resistance at 185.00. Following cautious/corrective trade, fresh losses are looked for. Support is at congestion around 182.50. But a close below further congestion around 182.00 is needed to turn sentiment bearish and extend mid-April losses initially to the 180.80 current year low of 12 February.