Published: 2024-04-18T14:09:46.000Z
Chart EUR/JPY Update: Consolidating at highs - studies coming under pressure
Senior Technical Strategist
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Still little change, as prices extend cautious trade beneath resistance at 165.00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 166.00 | ** | congestion | S1 | 164.00 | * | break level | |
R3 | 165.35 | ** | 20 Mar YTD high | S2 | 163.50 | congestion | ||
R2 | 165.17 | * | 9 Apr (w) high | S3 | 163.00 | * | congestion | |
R1 | 165.00 | ** | break level | S4 | 162.50/60 | * | minor congestion; 2 Apr (w) low |
Asterisk denotes strength of level
14:50 BST - Still little change, as prices extend cautious trade beneath resistance at 165.00. Intraday studies are turning down, unwinding overbought areas, and daily readings are mixed, suggesting any immediate break should meet selling interest towards critical resistance at the 165.35 current year high of 20 March. In the coming sessions, cautious trade is expected to give way to a test lower, with later focus to turn to 164.00. A break beneath here will open up congestion around 163.50, where by-then oversold daily stochastics should prompt fresh consolidation.