Chart EUR/JPY Update: Range-bound from the 166.69 high
Little change, as prices remains confined within the Thursday's range from the 166.69 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 168.00 | ** | congestion | S1 | 165.00 | * | congestion | |
| R3 | 167.40 | * | 61.8% Jul/Aug fall | S2 | 164.00 | ** | congestion | |
| R2 | 166.69 | * | 31 Oct high | S3 | 163.60 | * | 10 Oct high | |
| R1 | 166.00 | * | congestion | S4 | 162.00 | ** | congestion |
Asterisk denotes strength of level
00:50 GMT - Little change, as prices remains confined within the Thursday's range from the 166.69 high. However, pullback from the latter threatens retest of the 165.00 level and where break will open up deeper pullback to retrace gains from the 155.15, September low. Lower will turn focus to the strong support at the 164.00/163.60 area. Break here, if seen, will open up deeper pullback to the 162.00 support. Meanwhile, resistance is lowered to the 166.00 level and this is expected to cap and sustain losses from the 166.69 high. Clearance here, will see scope for extension to the 167.40, 61.8% Fibonacci retracement, then the 168.00 level.