Published: 2024-04-15T13:30:32.000Z
Chart EUR/JPY Update: Higher in JPY-driven trade - studies highlight caution
Senior Technical Strategist
-
Recent selling interest has reached 162.27, where prices have posted a sharp JPY-driven bounce to trade back above 164.00
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
14:20 BST - Recent selling interest has reached 162.27, where prices have posted a sharp JPY-driven bounce to trade back above 164.00. Rising intraday studies highlight potential for a test of resistance at 165.00, but negative daily readings and deteriorating weekly charts are expected to limit any immediate break in fresh consolidation beneath critical resistance at the 165.35 current year high of 20 March. Meanwhile, support is raised to 164.00 and extends to congestion around 163.50. This area should underpin any immediate setbacks.