Published: 2024-09-10T01:28:52.000Z
Chart EUR/JPY Update: Scope to extend bounce from 157.30 support
Technical Analyst
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Edged up from test of the 157.30 support to consolidate at the 158.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 162.90 | * | 2 Sep high | S1 | 158.00 | * | congestion, 61.8% | |
| R3 | 162.00 | * | congestion | S2 | 157.30 | * | 6 Aug low | |
| R2 | 160.00 | * | 29 Aug low, congestion | S3 | 156.00 | * | 6 Aug low | |
| R1 | 159.00 | * | congestion | S4 | 154.40 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
01:25 GMT - Edged up from test of the 157.30 support to consolidate at the 158.00 level 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 with resistance starting at the 159.00 congestion then 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.