Chart EUR/JPY Update: Fresh multi-year high
Anticipated gains have posted a fresh multi-year high within strong resistance at the 187.35 multi-decade Fibonacci retracement and the 187.60 high of August 1990
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 188.20~ | ** | May 1990 (y) high | S1 | 186.87 | * | 23 Jan (m) high | |
| R3 | 188.00 | 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
14:15 BST - Anticipated gains have posted a fresh multi-year high within strong resistance at the 187.35 multi-decade Fibonacci retracement and the 187.60 high of August 1990. Overbought daily stochastics are flattening, suggesting potential for consolidation within here, before the rising daily Tension Indicator and improving weekly charts prompt further gains. A close above here will improve sentiment and extend long-term gains towards critical resistance at the 188.20~ multi-year high of May 1990. Meanwhile, support is raised to the 186.87 monthly high of 23 January. A close beneath here would help to stabilise price action and prompt consolidation above congestion around 186.00.