Published: 2024-09-09T01:22:15.000Z
Chart EUR/JPY Update: Paused at 158.00/157.30 support, room for lower later
Technical Analyst
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Consolidating test of the 158.00/157.30 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.00 | ** | congestion, May low | S1 | 158.00 | * | congestion, 61.8% | |
| R3 | 162.90 | * | 2 Sep high | S2 | 157.30 | * | 6 Aug low | |
| R2 | 162.00 | * | congestion | S3 | 156.00 | * | 6 Aug low | |
| R1 | 160.00 | * | 29 Aug low, congestion | S4 | 154.40 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
01:15 GMT - Consolidating test of the 158.00/157.30 support area as prices unwind the oversold intraday studies. Daily chart are stretched as well and suggest scope for bounce to retrace losses from the 162.90 high of last week. However, upside likely to prove limited and resistance at the 160.00 level expected to cap corrective bounce. Lower high sought to further pressure the downside later and break of the 157.30 support will see room for extension to the 156.00 congestion then the 154.40, August YTD low. Below the latter will extend the broader losses from 175.43, July YTD high.