Published: 2025-02-21T01:29:03.000Z
Chart EUR/JPY Update: Consolidating above the December low
Technical Analyst
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Sharply lower to extend break of the 158.00 level before bouncing ahead of support at the 156.16 low of December
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00/18 | ** | congestion, 13 Feb high | S1 | 156.16 | * | Dec low | |
| R3 | 159.70/00 | ** | Jan low, congestion | S2 | 155.50 | ** | 10 Feb YTD low | |
| R2 | 159.00 | * | congestion | S3 | 155.14 | * | Sep low | |
| R1 | 158.00 | * | congestion | S4 | 154.40 | ** | Aug 2024 year low |
Asterisk denotes strength of level
01:25 GMT - Sharply lower to extend break of the 158.00 level before bouncing ahead of support at the 156.16 low of December as prices unwind the oversold intraday studies. Consolidation here expected to give way to fresh selling pressure later with focus now on the 155.50, 10 February YTD low. Below these will extend the broader losses from the October high and see scope for retest of the September and August 2024 year low at 155.14 and 154.40. Meanwhile, resistance is lowered to the 158.00 congestion. Regaining this, if seen, will open up room for choppy gains back to the 159.00/159.70 area.