Published: 2023-12-12T09:58:01.000Z
Chart EUR/JPY Update: Consolidating recent sharp gains
Senior Technical Strategist
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.40 | ** | 50% ret of 27 Nov fall | S1 | 156.00 | * | congestion | |
| R3 | 158.00 | * | congestion | S2 | 154.34 | ** | 3 Oct (m) low | |
| R2 | 157.68 | 11 Dec high | S3 | 154.00 | ** | 38.2% ret of Jan-Nov rally | ||
| R1 | 157.00 | * | congestion | S4 | 153.12 | ** | 7 Dec (w) low |
Asterisk denotes strength of level
09:40 GMT - The anticipated test above 156.00 has extended to 157.68, before falling steadily to trade back below 157.00. Intraday studies are under pressure, highlighting potential for further losses towards congestion support at 156.00. However, rising daily readings are expected to limit any immediate tests in further consolidation, before negative weekly readings prompt a break. Meanwhile, any fresh tests above 157.00 should be limited in selling interest towards 158.00. A close above here, if seen, will open up the 158.40 Fibonacci retracement, where more significant selling interest is expected to appear.