Published: 2024-10-14T13:31:30.000Z
Chart EUR/JPY Update: Higher in range - background improving
Senior Technical Strategist
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Little change, as prices extend cautious trade above congestion support at 163.00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 167.40 | ** | 50% ret of Jul-Aug fall | S1 | 163.00 | congestion | ||
R3 | 166.00 | ** | break level | S2 | 162.00 | congestion | ||
R2 | 164.90 | ** | 50% ret of Jul-Aug fall | S3 | 161.00 | congestion | ||
R1 | 163.89 | ** | 15 Aug (m) high | S4 | 160.00 | * | congestion |
Asterisk denotes strength of level
14:20 BST - Little change, as prices extend cautious trade above congestion support at 163.00. Rising intraday studies are prompting a move higher towards resistance at the 163.89 monthly high of 15 August. But mixed daily readings suggest further consolidation before rising weekly charts prompt a break and extend August gains initially to the 164.90 Fibonacci retracement. Meanwhile, support is down to congestion around 162.00. A close beneath here, if seen, will add weight to sentiment and give way to a deeper pullback, initially to 161.00.