Chart EUR/JPY Update: Limited tests higher - studies under pressure
Choppy trade around support at 183.00 has given way to a bounce
| 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
14:45 BST - Choppy trade around support at 183.00 has given way to a bounce, as intraday studies turn higher, with prices currently trading around 183.50. Daily readings continue to track lower and broader weekly charts are negative, highlighting difficulty sustaining higher levels, with renewed selling interest expected to appear towards congestion resistance at 184.00. Following cautious trade, fresh losses are looked for. A break below 183.00 will open up congestion support at 182.00. Critical support, however, is at 180.80/00. A close beneath here would turn sentiment negative and extend late-January losses below the 180.30 Fibonacci retracement.