Published: 2024-04-16T13:23:23.000Z
Chart EUR/JPY Update: Edging higher in JPY-driven trade - studies continue to highlight caution
Senior Technical Strategist
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Choppy trade is giving way to fresh JPY-driven gains
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
14:15 BST - Choppy trade is giving way to fresh JPY-driven gains, with focus remaining on resistance at 165.00. Rising intraday studies highlight potential for a test. However, daily readings continue to track lower 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.