Chart EUR/JPY Update: Consolidating - daily studies under pressure
Still little change, as prices extend consolidation above congestion support at 165.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 168.00 | ** | break level | S1 | 165.00 | ** | congestion | |
| R3 | 167.40 | ** | 61.8% ret of Jul-Aug fall | S2 | 163.89 | ** | 15 Aug (m) high | |
| R2 | 166.68 | * | 31 Oct (m) high | S3 | 163.00 | congestion | ||
| R1 | 166.00 | ** | break level | S4 | 162.00 | congestion |
Asterisk denotes strength of level
14:30 GMT - Still little change, as prices extend consolidation above congestion support at 165.00. Intraday studies are mixed/negative and daily readings are also turning down, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A close below here will add weight to sentiment and prompt a pullback towards the 163.89 monthly high of 15 August. However, rising weekly charts could limit any initial tests in fresh buying interest. Meanwhile, resistance remains at the 166.00 break level and extends towards the 166.68 monthly high of 31 October. Any immediate tests of this broad area should be limited in consolidation.