Chart EUR/JPY Update: Potential for a test of 162.00/40 in JPY-driven trade
Little change, as prices extend cautious trade beneath congestion resistance at 162.40
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.90 | ** | 50% ret of Jul-Aug fall | S1 | 160.00 | * | congestion | |
| R3 | 164.00 | * | break level | S2 | 159.00 | * | break level | |
| R2 | 162.40 | ** | 38.2% ret of Jul-Aug fall | S3 | 158.00 | * | congestion | |
| R1 | 162.00 | * | congestion | S4 | 156.00 | * | congestion |
Asterix denotes strength of level
14:10 BST - Little change, as prices extend cautious trade beneath congestion resistance at 162.40. Daily readings are positive, highlighting room for a JPY-driven break above here towards the 162.40 Fibonacci retracement. However, falling intraday studies and mixed/negative weekly charts could limit any initial tests in fresh consolidation. Continuation beyond here, however, would further improve price action and extend August gains towards 164.00. Meanwhile, support remains at congestion around 160.00 and should underpin any immediate tests lower. A break, not yet seen, will turn sentiment neutral once again and give way to consolidation around 159.00.