Chart EUR/JPY Update: Choppy in range - studies under pressure
Cautious trade has given way to a push higher to 179.30
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 181.00 | * | congestion | S1 | 178.00 | * | congestion | |
| R3 | 180.00 | ** | congestion | S2 | 177.50 | * | congestion | |
| R2 | 179.50 | range highs | S3 | 177.35~ | ** | fresh YTD low | ||
| R1 | 179.00 | * | congestion | S4 | 177.00 | ** | congestion |
Asterisk denotes strength of level
09:55 BST - Cautious trade has given way to a push higher to 179.30, before settling into fresh consolidation just below congestion resistance at 179.00. Negative daily readings have flattened, suggesting room for a fresh test above 179.00 towards 179.50. But mixed/negative weekly charts and bearish longer-term studies are expected to prompt fresh selling interest towards here. A break, if seen, will help to stabilise sentiment and give way to consolidation around 180.00.
Meanwhile, support remains at congestion around 178.00 and extends to 177.50. A close beneath here, not yet seen, will add weight to sentiment and extend broad April losses towards congestion around 177.00.