Published: 2025-05-07T13:38:31.000Z
Chart EUR/JPY Update: Gains capped in range
Senior Technical Strategist
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Cautious trade around the 161.60 low of 6 May has given way to a steady bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 165.00 | * | break level | S1 | 162.00 | * | congestion | |
| R3 | 164.63 | ** | 2 May (w) high | S2 | 161.00 | break level | ||
| R2 | 164.00 | ** | break level | S3 | 160.00 | ** | congestion | |
| R1 | 163.20 | break level | S4 | 158.16 | ** | 7 Apr (m) low |
Asterisk denotes strength of level
14:15 BST - Cautious trade around the 161.60 low of 6 May has given way to a steady bounce, as intraday studies turn higher, with prices currently trading around 162.70. A test of resistance at 163.20 cannot be ruled out, but negative daily readings and flattening overbought weekly stochastics are expected to prompt renewed selling interest towards here. Following cautious trade, fresh tests lower are looked for. A later break back below congestion support at 162.00 will open up 161.00. However, rising longer-term charts are expected to limit any initial tests in fresh consolidation.