Published: 2024-12-06T00:51:19.000Z
Chart EUR/JPY Update: Room to extend correction from 156.18 low
Technical Analyst
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Bounce from the 156.18 low see prices unwinding the oversold intraday and daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 162.00 | * | congestion | S1 | 158.00 | * | congestion | |
| R3 | 161.49 | * | 19 Nov low | S2 | 156.18/00 | * | 3 Dec low, congestion | |
| R2 | 160.00 | ** | congestion | S3 | 155.15 | * | Sep low | |
| R1 | 159.09 | * | 27 Nov low | S4 | 154.40 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
00:45 GMT - Bounce from the 156.18 low as prices unwinding the oversold intraday and daily studies. Positive daily studies suggest room for stronger bounce to correct losses from the October high to the 159.09 resistance then the 160.00 level, which is expected to cap. Break here will open up room to the 161.49/162.00 area. Lower high sought to further pressure the downside later and break of the 156.18 low and the 156.00 congestion will see potential for retest of the 155.15 and 154.40, the September and August lows. Below these will extend the broader losses from the 175.43, July YTD high.