Published: 2024-12-09T14:50:55.000Z
Chart EUR/JPY Update: Limited tests higher
Senior Technical Strategist
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Cautious trade above congestion support at 158.00 is giving way to a bounce
| 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 giving way to a bounce, as intraday studies turn higher, with focus turning to 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 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~.