Published: 2024-09-10T13:43:25.000Z
Chart EUR/JPY Update: Consolidating - studies under pressure
Senior Technical Strategist
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Cautious trade is giving way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.00 | congestion | S1 | 157.29 | 6 Aug low | |||
| R3 | 162.00 | * | congestion | S2 | 154.39 | ** | 5 Aug (YTD) low | |
| R2 | 160.00 | * | congestion | S3 | 153.12 | ** | 7 Dec 2023 (m) low | |
| R1 | 159.00 | * | break level | S4 | 152.00 | ** | 38.2% ret of 2020-2024 rally |
Asterisk denotes strength of level
14:35 BST - Cautious trade is giving way to a drift lower, with prices currently pressuring support at the 157.29 low of 6 August. Daily readings continue to track lower and broader weekly charts are also under pressure, highlighting room for fresh losses in the coming sessions. A close beneath here will add weight to sentiment and extend mid-August losses towards stronger support at the 154.39 current year low of 5 August. Meanwhile, a close above 159.00, if seen, will turn sentiment neutral and prompt consolidation beneath congestion resistance at 160.00.