Published: 2025-05-22T00:58:45.000Z
Chart EUR/JPY Update: Consolidation tracing out a bearish flag pattern
Technical Analyst
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Little change, as prices extend consolidation above Monday's 162.14 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.00 | * | congestion | S1 | 162.00 | * | congestion | |
| R3 | 165.00/20 | ** | congestion, 13 May YTD high | S2 | 161.58 | * | 6 May low | |
| R2 | 164.00 | * | congestion | S3 | 161.00 | ** | 22 Apr low, congestion | |
| R1 | 163.00/50 | * | congestion | S4 | 160.00 | * | congestion |
Asterisk denotes strength of level
00:45 GMT - Little change, as prices extend consolidation above Monday's 162.14 low though the resulting bearish flag pattern suggest potential for break here to extend losses from the 165.20 high of last week. Negative daily studies weighs and lower will see room to the 162.00/161.58 area where break will open up deeper pullback to the strong support at the 161.00 congestion. Meanwhile, resistance at the 163.00/50 area is expected to cap. Gains above here, if seen, will ease the downside pressure and see room for stronger bounce to the 164.00 congestion.