Published: 2024-11-11T00:57:45.000Z
Chart EUR/JPY Update: Consolidating, room to extend losses later
Technical Analyst
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Turned up from the Friday's 163.20 low as prices unwind oversold intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 167.40 | * | 61.8% Jul/Aug fall | S1 | 163.20 | * | 8 Nov low | |
| R3 | 166.69 | ** | 31 Oct high | S2 | 162.00 | ** | congestion | |
| R2 | 166.00 | * | congestion | S3 | 161.00 | * | 4 Oct low | |
| R1 | 165.00 | * | congestion | S4 | 160.90 | * | 50% Sep/Oct rally |
Asterisk denotes strength of level
00:50 GMT - Turned up from the Friday's 163.20 low as prices unwind oversold intraday studies following breakdown from the 165.00/164.60 support. However, consolidation expected to give way to renewed selling pressure later to further retrace the September/October. Lower will see room to the strong support at the 162.00 congestion. Below here will see deeper losses to the 161.00/160.90 level and 50% Fibonacci retracement. Meanwhile, resistance is lowered to the 165.00 congestion and this is expected to cap and sustain losses from the 166.69 high.