Chart EUR/JPY Update: Choppy trade - background studies rising
Little change, as prices extend cautious trade beneath the 186.70~ high of 27 July
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 187.95 | ** | 17 Apr YTD high | S1 | 186.00 | ** | congestion | |
| R3 | 187.35 | ** | 50% ret of 1979 - 2000 fall | S2 | 185.50 | break level | ||
| R2 | 187.00 | * | congestion | S3 | 185.00 | ** | break level | |
| R1 | 186.70~ | 27 Jul high | S4 | 184.00 | * | congestion |
Asterisk denotes strength of level
14:20 BST - Little change, as prices extend cautious trade beneath the 186.70~ high of 27 July. Overbought daily stochastics are turning down and the positive daily Tension Indicator is flattening, suggesting room for a drift lower towards congestion support at 186.00. But positive weekly charts should limit any break in renewed buying interest/consolidation above 185.50. Following cautious/corrective trade, fresh gains are looked for. A close above 186.70~ will open up resistance within congestion around 187.00 and the 187.35 long-term Fibonacci retracement. Already overbought daily stochastics could limit any initial tests in consolidation.