Published: 2023-12-14T01:42:30.000Z
Chart EUR/JPY Update: Under pressure, focus return to 153.86/12 lows
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.71 | 4 Dec low | S1 | 154.20 | 200-day MA | |||
| R3 | 157.70 | * | 30 Oct low | S2 | 153.12 | * | 7 Dec low | |
| R2 | 157.00 | * | congestion | S3 | 151.40 | * | Jul low | |
| R1 | 156.00 | * | congestion | S4 | 150.85 | * | 50% Jan/Nov rally |
Asterisk denotes strength of level
01:30 GMT - Consolidation below the 158.00 level has given way to selling pressure and break of the 156.00 congestive support return focus to the downside. Nearby see scope for retest of the 200-day MA at 154.20. Below here will expose the lows of last week at 153.86 and 153.12 to retest. Break here will see resumption of the losses from the November YTD high and see scope to retest the July low at 151.40 then 150.85, 50% Fibonacci retracement. Meanwhile, resistance at the 156.00/157.00 congestion now expected to cap.