Published: 2024-09-05T13:46:42.000Z
Chart EUR/JPY Update: Prices remain under pressure
Senior Technical Strategist
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Anticipated losses have reached support at 159.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.00 | * | break level | S1 | 159.00 | * | break level | |
| R3 | 163.00 | congestion | S2 | 158.00 | * | congestion | ||
| R2 | 162.00 | * | congestion | S3 | 157.29 | 6 Aug low | ||
| R1 | 160.00 | * | congestion | S4 | 154.39 | ** | 5 Aug (m) low |
Asterisk denotes strength of level
14:25 BST - Anticipated losses have reached support at 159.00, where unwinding oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower and broader weekly charts are coming under pressure, highlighting room for a fresh break beneath here and continuation of mid-August losses towards the 157.29 low of 6 August. Meanwhile, resistance is lowered to congestion around 160.00. An unexpected close above here would turn sentiment neutral and prompt consolidation beneath further congestion around 162.00.