Published: 2025-04-07T13:20:44.000Z
Chart EUR/JPY Update: Sharp bounce to meet renewed selling interest
Senior Technical Strategist
-
The bounce from the 158.15 overnight low has tested above resistance at 161.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.00 | ** | break level | S1 | 160.00 | * | congestion | |
| R3 | 163.20 | intraday lows | S2 | 159.00 | * | break level | ||
| R2 | 162.00 | * | congestion | S3 | 158.15 | intraday low | ||
| R1 | 161.00 | break level | S4 | 157.30 | * | 25 Feb (w) high |
Asterisk denotes strength of level
14:15 BST - The bounce from the 158.15 overnight low has tested above resistance at 161.00, before settling back in selling interest to 160.80. Rising intraday studies highlight room for a fresh test above 161.00. But negative daily readings and unwinding overbought weekly stochastics are expected to limit scope in renewed selling interest towards congestion around 162.00. Following choppy trade, fresh losses are looked for. A later break below congestion support at 160.00 will open up 159.00, with a further close beneath here adding weight to sentiment and extending April losses towards the 157.30 weekly high of 25 February.