Published: 2024-12-05T00:48:54.000Z
Chart EUR/JPY Update: Room to extend bounce from 156.18 low
Technical Analyst
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Consolidation above the 156.18 low has given way to stronger bounce to regain the 158.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.49 | * | 19 Nov low | S1 | 158.00 | * | congestion | |
| R3 | 160.00 | ** | congestion | S2 | 156.18/00 | * | 3 Dec low, congestion | |
| R2 | 159.09 | * | 27 Nov low | S3 | 155.15 | * | Sep low | |
| R1 | 158.66 | 4 Dec high | S4 | 154.40 | ** | 5 Aug YTD low |
Asterisk denotes strength of level
00:45 GMT - Consolidation above the 156.18 low has given way to stronger bounce to regain the 158.00 level as prices unwind the oversold intraday and daily studies. Positive daily studies suggest room for stronger bounce to correct losses from the October high to the 159.09 resistance then the 160.00 level, which is expected to cap. Lower high sought to further pressure the downside later and where break of the 156.18 low and the 156.00 congestion will see potential for retest of the 155.15 and 154.40, the September and August lows.