Published: 2025-01-21T01:07:10.000Z
Chart EUR/JPY Update: Extending corrective bounce
Technical Analyst
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Extending bounce from test of the 160.00 level to reach 162.32 high as prices unwind oversold daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.90 | ** | Dec high | S1 | 160.90 | * | 2 Jan low | |
| R3 | 164.00 | * | congestion | S2 | 160.00 | ** | congestion | |
| R2 | 163.00 | * | congestion | S3 | 158.65 | * | 11 Dec low | |
| R1 | 162.32 | * | 20 Jan high | S4 | 158.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - Extending bounce from test of the 160.00 level to reach 162.32 high as prices unwind oversold daily studies. However, gains are seen limited and higher see resistance at the 162.90/163.00 congestion area expected to cap. Corrective bounce expected to give way to fresh selling pressure later to retest the 160.90 support then the 160.00 congestion. Break of the latter will see deeper pullback to retrace rally from the December low and see room to the 158.65 support then the 158.00 congestion. Lower still will see scope to the August trendline at 157.20.