Published: 2024-12-20T14:52:21.000Z
Chart EUR/JPY Update: Consolidating December gains
Senior Technical Strategist
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Cautious trade around 163.20 has given way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.00 | * | congestion | S1 | 162.00 | * | congestion | |
| R3 | 165.00 | * | congestion | S2 | 161.00 | break level | ||
| R2 | 164.20 | ** | 76.4% ret of Oct-Dec fall | S3 | 160.00 | * | congestion | |
| R1 | 164.00 | * | congestion | S4 | 158.00 | * | congestion |
Asterisk denotes strength of level
14:45 GMT - Cautious trade around 163.20 has given way to a drift lower, as intraday studies turn down, with prices currently balanced around 162.60. Further slippage towards congestion support at 162.00 cannot be ruled out. But mixed/positive daily readings and rising weekly charts are expected to limit any deeper losses in renewed buying interest above 161.00. Following cautious trade, fresh gains are looked for. But a close above congestion resistance at 164.00 and the 164.20 Fibonacci retracement is needed to turn sentiment positive once again and extend December gains towards congestion around 165.00.