Published: 2024-12-11T01:44:31.000Z
Chart EUR/JPY Update: Room to extend gains
Technical Analyst
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Corrective bounce from the low of last week has seen gains checked at the 160.00 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.20 | * | 8 Nov low | S1 | 158.00 | * | congestion | |
| R3 | 162.00 | * | congestion | S2 | 156.18/00 | * | 3 Dec low, congestion | |
| R2 | 161.49 | * | 19 Nov low | S3 | 155.15 | * | Sep low | |
| R1 | 160.00 | ** | congestion | S4 | 154.40 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
01:35 GMT - Corrective bounce from the low of last week has seen gains checked at the 160.00 resistance. However, daily studies are still tracking higher and break here cannot be ruled out. Higher will see room to further retrace losses from the October high and see room to the strong resistance at the 161.49 and the 162.00 congestion. Corrective gains are expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 158.00 level and break here will return focus to the 156.18 low. Break here will shift focus to the critical 155.15 and 154.40, September and August lows.