Published: 2024-12-12T01:35:51.000Z
Chart EUR/JPY Update: Consolidating below the 160.00 level, scope for pullback
Technical Analyst
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No follow-through on break of the 160.00 resistance and consolidation here see risk for pullback with daily studies now stretched
| 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
01:30 GMT - No follow-through on break of the 160.00 resistance and consolidation here see risk for pullback with daily studies now stretched. Pullback see support at the 158.00 level and see break here to expose the 156.18 low to retest. Below here and the 156.00 level will turn focus to the critical 155.15 and 154.40, September and August lows. Below these will extend broader losses from the July YTD high. Meanwhile, resistance at the 160.00/160.72 area now expected to cap. Only clearance here open up stronger gains to further retrace losses from the October high.