Chart EUR/JPY Update: Consolidating - studies leaning lower
The anticipated test of congestion resistance at 157.00 has given way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | break level | S1 | 156.00 | minor congestion | |||
| R3 | 160.00 | * | congestion | S2 | 155.50 | * | 10 Feb YTD low | |
| R2 | 158.00 | * | break level | S3 | 155.14 | ** | 16 Sep (m) low | |
| R1 | 157.00 | * | congestion | S4 | 154.39 | ** | 5 Aug 2024 (y) low |
Asterisk denotes strength of level
14:30 GMT - The anticipated test of congestion resistance at 157.00 has given way to a pullback and fresh consolidation above congestion support at 156.00. Intraday studies are edging higher, suggesting further cautious trade above here. But daily readings are turning down and broader weekly charts are mixed/negative, highlighting room for further losses in the coming sessions. A break beneath here will open up consolidation above the 155.14 monthly low of 16 September. But a close below the 154.39 year low of 5 August is needed to confirm a more significant bear trend and extend July 2024 losses. Meanwhile, resistance remains at congestion around 157.00 and should cap any immediate tests higher.