Chart EUR/JPY Update: Extending gains
Pressure remains on the upside to extend corrective bounce from the 156.18 low to reach the 160.00 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.20 | * | 8 Nov low | S1 | 158.00 | * | congestion | |
| R3 | 162.00 | * | congestion | S2 | 156.18/00 | * | 3 Dec low, congestion | |
| R2 | 161.49 | * | 19 Nov low | S3 | 155.15 | * | Sep low | |
| R1 | 160.00 | ** | congestion | S4 | 154.40 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
01:30 GMT - Pressure remains on the upside to extend corrective bounce from the 156.18 low to reach the 160.00 resistance. Break here will see room to further retrace losses from the October high and see room to the strong resistance at the 161.49 and the 162.00 congestion. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 158.00 level and break here will return focus to the 156.18 low. Below this will shift focus to the critical 155.15 and 154.40, September and August lows. Break of these will extend the broader losses from the 175.43, July YTD high.