Published: 2025-03-25T02:19:18.000Z
Chart EUR/JPY Update: Extending bounce from 161.72 low
Technical Analyst
1
Consolidation at the 162.00 has given way to bounce to reach congestion at the 163.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.90 | ** | Dec high | S1 | 162.00 | * | congestion | |
| R3 | 164.54 | * | 7 Jan YTD high | S2 | 161.00/72 | ** | congestion, 21 Mar low | |
| R2 | 164.00/30 | ** | congestion, 2023 year high | S3 | 160.00 | * | congestion | |
| R1 | 163.00 | * | congestion | S4 | 159.70 | * | Jan low |
Asterisk denotes strength of level
02:10 GMT - Consolidation at the 162.00 has given way to bounce to reach congestion at the 163.00 level. Break here will open up room for extension to retest strong resistance at the 164.00/30 area which is expected to cap. Break here, if seen, will return focus to the December high at 164.90. Meanwhile, support is raised to the 162.00 congestion ahead of the 161.00/72 area. Would take break of the latter to return focus to the downside and see room to the strong support at the 160.00 congestion then the 159.70, January low.