Chart EUR/JPY Update: Under pressure
The anticipated break below 158.00 is extending in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | break level | S1 | 156.00 | minor congestion | |||
| R3 | 160.00 | * | congestion | S2 | 155.50 | * | 10 Feb YTD low | |
| R2 | 158.00 | * | break level | S3 | 155.14 | ** | 16 Sep (m) low | |
| R1 | 157.00 | * | congestion | S4 | 154.39 | ** | 5 August 2024 (y) low |
Asterisk denotes strength of level
14:25 GMT - The anticipated break below 158.00 is extending in JPY-driven trade, with prices currently trading below 157.00. Immediate focus is on 156.00, but deteriorating daily readings and negative weekly charts highlight room for continuation to the 155.50 current year low of 10 February. By-then oversold daily stochastics could prompt fresh consolidation around here, before further selling interest targets the 155.14 monthly low of 16 September. Meanwhile, resistance is lowered to congestion around 157.00 and extends to the 158.00 break level. An unexpected close above here would help to stabilise price action and prompt consolidation beneath 160.00.