Chart EUR/JPY Update: Consolidating test of August trendline
Break of strong support at the 158.10/00 congestion has seen sharp push lower to reach the trendline from the August low at 156.38
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.49 | * | 19 Nov low | S1 | 156.38 | * | trendline | |
| R3 | 160.00 | ** | congestion | S2 | 156.00 | * | congestion | |
| R2 | 159.09 | * | 27 Nov low | S3 | 155.15 | ** | Sep low | |
| R1 | 158.00/10 | * | congestion | S4 | 154.40 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
00:50 GMT - Break of strong support at the 158.10/00 congestion has seen sharp push lower to reach the trendline from the August low at 156.38. Bounce here see prices unwinding the oversold intraday studies though this is expected to give way to renewed selling pressure later. Below the latter will see room to the 156.00 level though potential will be for retest of the 155.15 and 154.40, the September and August lows. Meanwhile, resistance is lowered to the 158.00/10 congestion which is expected to cap. Above here, if seen, will open up room for stronger bounce to the 159.09/160.00 area.