Published: 2024-04-17T13:28:59.000Z
Chart EUR/JPY Update: Balanced at highs - studies highlight caution
Senior Technical Strategist
1
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
14:20 BST - Little change, as prices extend cautious trade beneath resistance at 165.00. Intraday studies continue to rise, highlighting potential for a test. However, daily readings are mixed and broader weekly charts are coming under pressure, suggesting any immediate break should be limited in fresh consolidation beneath critical resistance at the 165.35 current year high of 20 March. Meanwhile, support remains at 164.00 and extends to congestion around 163.50. This area should underpin any immediate setbacks.