Published: 2024-05-03T13:14:17.000Z
Chart EUR/JPY Update: Room for still lower in the coming sessions
Senior Technical Strategist
1
Little change, as oversold intraday studies keep near-term sentiment cautious and prompt consolidation above 164.00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 169.39 | * | 26 Apr (w) high | S1 | 164.00 | * | break level | |
R3 | 168.00 | * | congestion | S2 | 163.00 | * | congestion | |
R2 | 166.00 | * | congestion | S3 | 162.40 | ** | 50% ret of Dec-Apr rally | |
R1 | 165.00 | * | congestion | S4 | 162.27 | ** | 12 Apr (m) low |
Asterisk denotes strength of level
14:05 BST - Little change, as oversold intraday studies keep near-term sentiment cautious and prompt consolidation above 164.00. Daily readings continue to track lower and weekly stochastics are unwinding overbought areas, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A close below 164.00 will add fresh weight to already bearish price action and extend late-April losses towards further congestion around 163.00. Continuation towards 162.27/40 cannot be ruled out. Meanwhile, resistance is lowered to congestion around 165.00. A close above here, if seen, will turn sentiment neutral and prompt range trade beneath further congestion around 166.00.