Published: 2024-09-06T01:17:10.000Z
Chart EUR/JPY Update: Consolidating, but room for further losses
Technical Analyst
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Consolidating at the 158.55 low as prices unwind the oversold intraday studies but pressure remains firmly on the downside
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.00 | ** | congestion, May low | S1 | 158.55 | 5 Sep low | ||
| R3 | 162.90 | * | 2 Sep high | S2 | 158.00 | * | congestion, 61.8% | |
| R2 | 162.00 | * | congestion | S3 | 157.30 | * | 6 Aug low | |
| R1 | 160.00 | * | 29 Aug low, congestion | S4 | 156.00 | * | congestion |
Asterisk denotes strength of level
01:10 GMT - Consolidating at the 158.55 low as prices unwind the oversold intraday studies but pressure remains firmly on the downside. Lower will further extend losses from the Monday's lower high at 162.90 and see room to retest 158.00 level and 157.30 support. Reaction here can be expected but bearish structure suggest corrective bounce likely to prove limited. Lower will see scope to the January low at 155.07 then 154.40, August YTD low. Meanwhile, resistance is lowered to the 160.00 level, now expected to cap and sustain losses from the 162.90 high.