Chart EUR/JPY Update: Higher in both EUR- and JPY-driven trade
Cautious trade around 182.00 following the spike beneath here is giving way to steady EUR- and JPY-driven gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.35 | ** | 50% ret of 1979-2000 fall | S1 | 182.50 | ** | congestion | |
| R3 | 186.00 | congestion | S2 | 182.00 | ** | congestion | ||
| R2 | 185.00 | ** | break level | S3 | 180.80 | ** | 12-16 Feb (m) low | |
| R1 | 184.00 | * | congestion | S4 | 180.00 | ** | congestion, 23.6% ret |
Asterisk denotes strength of level
08:55 BST - Cautious trade around 182.00 following the spike beneath here is giving way to steady EUR- and JPY-driven gains, with prices currently trading around 183.20. Improving daily stochastics and the flattening bearish daily Tension Indicator highlight room for continuation towards congestion resistance within the 183.50 - 184.00 range. But negative weekly charts should limit any break in renewed selling interest beneath 185.00. Meanwhile, support is at 182.50 and extends to 182.00. A close beneath here would add weight to sentiment and open up a retest of the 180.80 monthly low of 12-16 February.