Chartbook: Chart EUR/JPY: Extend choppy trade above 155.00/154.40 lows
Further extend choppy trade from the second half of 2024 and bounce from the 155.00 low see gains back to retest the 164.00/165.00 resistance
Further extend choppy trade from the second half of 2024 and bounce from the 155.00 low see gains back to retest the 154.00/155.00 resistance.
Choppy trade see prices tracing out a broad rectangle pattern above the 155.00/154.40 lows and consolidating losses from the 175.40, July 2024 multi-year high. Break of the lows and the 153.15 low of December 2023 will confirm a 15-month top pattern at the 175.40 high and see deeper retracement of gains from the March 2020 year low. Lower will see room for deeper pullback within the bull channel from the 2012 year low to 152.00 level and 38.2% Fibonacci level. Below this will see scope for extension to strong support at 150.00/148.00, the 2014 and 2022 year highs.
Meanwhile, resistance at the 164.00/165.00 area and extending to the 166.70 high of October 2024 now expected to cap and contain bounce attempt. Break here, if seen, will open up room for retest of the 170.00 resistance from the 2008 year high.