Published: 2024-12-10T14:35:03.000Z
Chart EUR/JPY Update: Limited scope above 160.00
Senior Technical Strategist
3
Cautious trade above congestion support at 158.00 is extending corrective gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.00 | * | congestion | S1 | 158.00 | * | congestion | |
| R3 | 162.00 | * | congestion | S2 | 157.00 | * | congestion | |
| R2 | 161.00 | break level | S3 | 156.00/15~ | * | congestion; 3 Dec (w) low | ||
| R1 | 160.00 | * | congestion | S4 | 155.15 | ** | 16 Sep (m) low |
Asterisk denotes strength of level
14:30 GMT - Cautious trade above congestion support at 158.00 is extending corrective gains, as intraday studies turn higher, with prices consolidating the test of congestion resistance at 160.00. Rising daily readings suggest potential for a test above here. But deteriorating weekly charts are expected to limit any break in renewed selling interest towards the 161.00 break level. Meanwhile, a break below congestion support at 158.00, not yet seen, will open up further congestion around 157.00. Continuation beneath here will add weight to sentiment and put initial focus on 156.00~.