Chart EUR/JPY Update: Consolidating, but room for lower
No follow-through on break of the 156.16/00 support as prices settled into consolidation above the 155.80 low of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00/18 | ** | congestion, 13 Feb high | S1 | 155.80 | * | 21 Feb low | |
| R3 | 159.70/00 | ** | Jan low, congestion | S2 | 155.50 | ** | 10 Feb YTD low | |
| R2 | 159.00 | * | congestion | S3 | 155.14 | * | Sep low | |
| R1 | 158.00/21 | * | congestion, 13 Feb high | S4 | 154.40 | ** | Aug 2024 year low |
Asterisk denotes strength of level
01:10 GMT - No follow-through on break of the 156.16/00 support as prices settled into consolidation above the 155.80 low of last week. Consolidation here see prices tracing out a bear pennant and highlights risk for break here to open up room for retest of the 155.50, February YTD low. Below this will open up room for further losses to the 155.14 and 154.40, September low and August 2024 year low. Meanwhile, resistance at the 158.00/21 area is expected to cap. Only clearance here will open up room for stronger corrective bounce to retrace retrace losses from the 161.00 high to the 159.70/160.00 resistance.