Chart AUD/JPY Update: Extending gains
Consolidation below the 94.90 high has given way to break to extend gains from the 91.65, 23 May low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 97.30 | * | Feb high | S1 | 94.00 | * | congestion | |
| R3 | 97.00 | * | congestion | S2 | 93.20/00 | * | congestion | |
| R2 | 96.15 | * | 61.8% Nov/Apr fall | S3 | 92.30/00 | ** | 13 Jun low, congestion | |
| R1 | 95.50 | ** | Dec low | S4 | 91.65 | * | 23 May low |
Asterisk denotes strength of level
06:25 GMT - Consolidation below the 94.90 high has given way to break to extend gains from the 91.65, 23 May low. Break above the 95.00 level sets up scope for retest of strong resistance at the 95.50, December low. Clearance here, will further retrace the November/April losses and see room to 96.15, 61.8% Fibonacci level. The latter is expected to cap and give way to renewed selling pressure later. Meanwhile, support remains at the 94.00 congestion and break here is needed to open up room to the 93.20/93.00 support. Below the latter will return focus to the downside for retest of strong support at the 92.30/92.00 area