Published: 2024-10-21T13:27:46.000Z
Chart EUR/JPY Update: Further consolidation - daily readings under pressure
Senior Technical Strategist
1
Little change, as prices extend consolidation above congestion support at 162.00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 166.00 | ** | break level | S1 | 162.00 | congestion | ||
R3 | 164.90 | ** | 50% ret of Jul-Aug fall | S2 | 161.00 | congestion | ||
R2 | 163.89 | ** | 15 Aug (m) high | S3 | 160.00 | * | congestion | |
R1 | 163.00 | congestion | S4 | 158.10 | ** | 30 Sep (w) low |
Asterisk denotes strength of level
14:20 BST - Little change, as prices extend consolidation above congestion support at 162.00. Daily readings are mixed/negative, highlighting room for a later break beneath here and completion of a short-term distribution top beneath the 163.89 monthly high of 15 August. Swift losses will then focus on 161.00, where improving weekly charts could prompt fresh buying interest. Meanwhile, a close back above congestion resistance at 163.00 would improve sentiment. But a further close above the 163.89 monthly high of 15 August is needed to turn sentiment outright positive and confirm continuation of August gains.