Chart EUR/JPY Update: Lower in range
Consolidation beneath congestion resistance at 184.00 is giving way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.22 | ** | 9 Feb (m) high | S1 | 183.00 | * | break level | |
| R3 | 185.00 | ** | break level | S2 | 182.00 | * | congestion | |
| R2 | 184.75~ | 25 Feb (w) high | S3 | 180.80/00 | ** | 12 Feb YTD low; cong | ||
| R1 | 184.00 | * | congestion | S4 | 180.30 | ** | 38.2% ret of Jul-Jan rally |
Asterisk denotes strength of level
13:50 GMT - Consolidation beneath congestion resistance at 184.00 is giving way to a drift lower, as intraday studies turn down, with focus turning to support at the 183.00 break level. Flat oversold intraday studies could limit any immediate tests in consolidation. But deteriorating daily readings and negative weekly charts point to room for a later break towards congestion around 182.00. Longer-term charts are also under pressure, but a close below the 180.80/00 range is needed to turn sentiment negative and confirm continuation of late-January losses. Meanwhile, any immediate tests above 184.00 should be limited in renewed selling interest beneath the 184.75~ weekly high of 25 February.