Chart EUR/JPY Update: Gains to remain limited
Cautious/choppy trade within the 182.00 - 183.00 range has given way to minor gains
| 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
14:35 GMT - Cautious/choppy trade within the 182.00 - 183.00 range has given way to minor gains, as intraday studies turn higher, with prices currently balanced around 183.60. Daily studies are rising, suggesting room for a test of congestion resistance at 184.00. But negative weekly charts should limit any break in renewed selling interest/consolidation beneath the 184.75~ weekly high of 25 February. Meanwhile, support is raised to 183.00 and extends to congestion around 182.00. A later break beneath here will add weight to sentiment and open up a test of critical support at the 180.80 current year low of 12 February and congestion around 181.00. A further close beneath here will turn sentiment negative and extend late-January losses towards the 180.30 Fibonacci retracement, ahead of 180.00.