Published: 2024-12-11T14:51:39.000Z
Chart EUR/JPY Update: Consolidating test above 160.00
Senior Technical Strategist
2
The anticipated test above congestion around 160.00 has met expected selling interest in choppy trade beneath the 161.00 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.00 | * | congestion | S1 | 158.00 | * | congestion | |
| R3 | 162.00 | * | congestion | S2 | 157.00 | * | congestion | |
| R2 | 161.00 | break level | S3 | 156.00/15~ | * | congestion; 3 Dec (w) low | ||
| R1 | 160.00 | * | congestion | S4 | 155.15 | ** | 16 Sep (m) low |
Asterisk denotes strength of level
14:35 GMT - The anticipated test above congestion around 160.00 has met expected selling interest in choppy trade beneath the 161.00 break level, as overbought intraday studies unwind, with prices trading once again below 160.00. A drift down to the 158.63 current day low cannot be ruled out. But rising daily readings should limit any deeper losses in renewed buying interest above congestion support at 158.00, before negative weekly charts prompt deeper losses. Meanwhile, any fresh tests above 160.00 should meet selling interest towards 161.00.