Published: 2025-01-23T01:09:06.000Z
Chart EUR/JPY Update: Extending gains
Technical Analyst
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Break above the 162.32 high has seen extension to reach the 163.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.90 | ** | Dec high | S1 | 162.00 | * | congestion | |
| R3 | 164.55 | * | 7 Jan YTD high | S2 | 160.90 | * | 2 Jan low | |
| R2 | 164.00 | * | congestion | S3 | 160.00 | * | congestion | |
| R1 | 163.00 | * | congestion | S4 | 159.70 | ** | 17 Jan YTD low |
Asterisk denotes strength of level
01:00 GMT - Break above the 162.32 high has seen extension to reach the 163.00 level. The daily studies remain supportive but are extending into overbought area and suggest further gains likely limited. Gains beyond this will see the October trendline at the 164.00 level expected to cap and give way to fresh selling pressure. Meanwhile, support is raised to the 162.00 level which now underpin. Would take break here to return focus to the downside for retest of the 160.90 support then the 160.00 congestion and 159.70 low.