Published: 2024-11-29T14:40:27.000Z
Chart EUR/JPY Update: Extending October losses
Senior Technical Strategist
1
Cautious trade has given way to the anticipated break lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.00 | * | congestion | S1 | 158.09 | * | 30 Sep (w) low | |
| R3 | 162.00 | * | congestion | S2 | 157.90 | ** | 76.4% ret of Sep-Oct rally | |
| R2 | 161.00 | break level | S3 | 157.00 | * | congestion | ||
| R1 | 160.00 | * | congestion | S4 | 155.15 | ** | 16 Sep (m) low |
Asterisk denotes strength of level
14:30 GMT - Cautious trade has given way to the anticipated break lower, with prices currently balanced in cautious trade above strong support within the 157.90 Fibonacci retracement and the 158.09 weekly low of 30 September. Intraday studies have turned down and daily readings continue to track lower, highlighting a bearish tone and room for further losses in the coming sessions. A close below 157.90 will add weight to already bearish price action and extend October losses towards congestion around 157.00. Meanwhile, resistance is lowered to congestion around 160.00 and extends to 161.00. This area should cap any immediate tests higher.