Published: 2024-11-20T10:02:46.000Z
Chart EUR/JPY Update: Smart bounce
Senior Technical Strategist
3
The break below 162.00 has bounced smartly from 161.48
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 168.00 | ** | break level | S1 | 164.00 | break level | ||
| R3 | 166.68 | ** | 31 Oct (m) high | S2 | 163.00 | * | congestion | |
| R2 | 166.00 | ** | break level | S3 | 162.00 | congestion | ||
| R1 | 165.00 | ** | congestion base | S4 | 161.48 | 19 Nov low |
Asterisk denotes strength of level
09:45 GMT - The break below 162.00 has bounced smartly from 161.48, with prices reaching 164.75 before settling lower to 164.35. Daily readings are turning higher, suggesting potential for continuation towards resistance at the 165.00 congestion base. But mixed weekly charts should limit any extension beyond here in consolidation beneath the 166.00 break level. Meanwhile, support is raised to 164.00. A close beneath here would open up congestion around 163.00. But a close below 162.00 is needed to turn sentiment negative and extend October losses towards the 160.90 Fibonacci retracement.