Published: 2024-12-02T00:47:09.000Z
Chart EUR/JPY Update: Weighing on the 158.10/00 support
Technical Analyst
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Sharp losses last week has seen prices reaching strong support at the 158.10/00 congestion area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 162.00 | ** | congestion | S1 | 158.10/00 | ** | 30 Sep low, congestion | |
| R3 | 161.49 | * | 19 Nov low | S2 | 157.05 | 18 Sep low | ||
| R2 | 160.00 | * | congestion | S3 | 156.00 | * | congestion | |
| R1 | 159.09 | * | 27 Nov low | S4 | 155.15 | ** | Sep low |
Asterisk denotes strength of level
00:40 GMT - Sharp losses last week has seen prices reaching strong support at the 158.10/00 congestion area. The negative daily and weekly studies suggest scope for break here to further extend losses from the October high. Below the latter will see room to the 157.05 and 156.00 support though focus will be for retest of the 155.15 and 154.40, the September and August lows. Meanwhile, resistance is lowered to the 159.09 and this extend to the 160.00 congestion. This area is expected to cap and keep pressure on the downside. Only above here will see room for stronger bounce to the 161.49/162.00 area.