Published: 2024-04-23T13:57:17.000Z
Chart EUR/JPY Update: Trading at August 2008 levels
Senior Technical Strategist
1
The test above the 165.35 monthly high of 20 March is extending consolidation beneath strong resistance at the 165.60 weekly high of early August 2008
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 167.00 | * | congestion | S1 | 165.00 | ** | break level | |
R3 | 166.00 | ** | congestion | S2 | 164.00 | * | break level | |
R2 | 165.60 | ** | early Aug 2008 (w) high | S3 | 163.50 | congestion | ||
R1 | 165.35 | ** | 20 Mar (m) high | S4 | 163.00 | * | congestion |
Asterisk denotes strength of level
14:45 BST - The test above the 165.35 monthly high of 20 March is extending consolidation beneath strong resistance at the 165.60 weekly high of early August 2008. However, intraday studies have turned positive and daily readings are also ticking higher, suggesting room for further gains in the coming sessions. A close above 165.60 will help to improve price action and extend gains initially to historic congestion around 166.00. Meanwhile, a close below support at 165.00 will turn price action neutral and prompt fresh consolidation above 164.00.