Chart EUR/JPY Update: Pushing higher
Cautious trade is giving way to anticipated gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.60 | ** | Aug 1990 high | S1 | 184.00 | * | congestion | |
| R3 | 187.35 | ** | 50% ret of 1979 - 2000 fall | S2 | 182.50 | * | congestion | |
| R2 | 186.00 | * | congestion | S3 | 182.00 | ** | congestion | |
| R1 | 185.00 | ** | break level | S4 | 180.80 | ** | 12 Feb YTD low |
Asterisk denotes strength of level
14:10 BST - Cautious trade is giving way to anticipated gains, with prices currently pressuring resistance at 185.00. Rising daily stochastics and the flattening daily Tension Indicator highlight room for a break towards congestion around 186.00. But negative weekly charts should limit any tests in renewed selling interest. Following cautious/corrective trade, fresh losses are looked for. Support is down to congestion around 184.00. A break beneath here will add weight to sentiment and open up congestion support 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.