Published: 2024-05-17T13:40:39.000Z
Chart EUR/JPY Update: Further gains to remain limited
Senior Technical Strategist
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Little change, as prices extend cautious trade beneath resistance at the 169.39 weekly high of 26 April
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 172.00 | ** | figure | S1 | 168.00 | congestion | ||
R3 | 171.60~ | ** | 29 Apr YTD high | S2 | 167.00 | congestion | ||
R2 | 170.00 | ** | figure | S3 | 166.00 | * | congestion | |
R1 | 169.39 | * | 26 Apr (w) high | S4 | 165.00 | * | congestion |
Asterisk denotes strength of level
14:35 BST - Little change, as prices extend cautious trade beneath resistance at the 169.39 weekly high of 26 April. Rising daily studies highlight potential for a test above here and continuation towards 170.00. But negative weekly charts are expected to limit any further break beyond here in selling interest beneath critical resistance at the 171.60~ current year high of 29 April. Following corrective trade, lower levels are looked for. A later break back below 168.00 will open up 167.00, with a further close beneath here adding weight to sentiment and putting focus on 166.00.