FX November 02, 2022 / 02:04 pm UTC

Chart EUR/JPY Update: Prices under pressure

By Mike Macdonald




LevelsImpComment

LevelsImpComment
R4148.00
*figure
S1145.63*12 Sep (m) high
R3147.50
*congestion
S2145.00
congestion
R2146.75*break level
S3144.20**38.2% ret of
Sep-Oct rally
R1146.00*pivot
S4144.00*congestion

Asterisk denotes strength of level


13:55 GMT - Anticipated losses are currently testing below the 145.63 monthly high of 12 September, as negative intraday studies keep short-term price action heavy. Daily readings are also extending lower, pointing to a further deterioration in sentiment and potential for further losses towards congestion around 145.00. However, mixed/positive weekly charts should limit any further slippage to the 144.20 Fibonacci retracement. Meanwhile, a break above the 146.00 pivot, if seen, should meet fresh selling interest towards the 146.75 break level.

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