Published: 2024-04-29T13:19:35.000Z
Chart EUR/JPY Update: Consolidating post-intervention trade
Senior Technical Strategist
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Post-intervention trade is giving way to consolidation
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 171.60~ | ** | intraday high | S1 | 166.00 | * | congestion | |
R3 | 170.00 | * | figure | S2 | 165.35 | * | 20 Mar (m) high | |
R2 | 169.39 | * | 26 Apr (w) high | S3 | 165.00 | * | congestion | |
R1 | 168.00 | * | congestion | S4 | 164.30 | ** | Nov 2023 year high |
Asterisk denotes strength of level
14:05 BST - Post-intervention trade is giving way to consolidation, as oversold short-term readings unwind. Overbought daily stochastics are unwinding, highlighting room for further tests lower in the coming sessions, but the rising daily Tension Indicator and positive weekly charts are expected to limit any immediate break back below congestion support at 166.00 to the 165.35 monthly high of 20 March. A close beneath here, however, would confirm a deeper correction of early-December gains and open up 164.00/30. Meanwhile, immediate resistance is at congestion around 168.00 and extends to the 169.39 weekly high of 26 April. This broad area should cap any immediate tests higher.