Published: 2025-05-12T09:05:51.000Z
Chart EUR/JPY Update: Room for higher
Senior Technical Strategist
1
Cautious trade has given way to a sharp break higher to strong resistance at the 164.63 weekly high of 2 May
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.68 | ** | 31 Oct (m) high | S1 | 164.00 | ** | break level | |
| R3 | 166.00 | * | congestion | S2 | 163.20 | break level | ||
| R2 | 165.00 | * | break level | S3 | 162.00 | * | congestion | |
| R1 | 164.63 | ** | 2 May (w) high | S4 | 161.00 | break level |
Asterisk denotes strength of level
09:50 BST - Cautious trade has given way to a sharp break higher to strong resistance at the 164.63 weekly high of 2 May. Flattening overbought intraday studies suggest potential for short-term reactions around here, before rising daily readings and improving weekly charts extend February gains. A close above here will further improve sentiment and open up resistance at the 165.00 break level. Continuation beyond here cannot be ruled out. Meanwhile, support is raised to 164.00. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above 163.20.