Published: 2024-05-01T09:04:35.000Z
Chart EUR/JPY Update: Immediate gains to remain limited - resistance at 169.39
Senior Technical Strategist
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Little change, as prices extend cautious trade above congestion support at 168.00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 173.25 | ** | September 1992 high | S1 | 168.00 | * | congestion | |
R3 | 171.60~ | ** | 29 Apr YTD high | S2 | 166.00 | * | congestion | |
R2 | 170.00 | * | figure | S3 | 165.35 | * | 20 Mar (m) high | |
R1 | 169.39 | * | 26 Apr (w) high | S4 | 165.00 | * | congestion |
Asterisk denotes strength of level
09:40 BST - Little change, as prices extend cautious trade above congestion support at 168.00. Intraday studies have ticked higher and the daily Tension Indicator is rising, highlighting room for fresh gains towards the 169.39 weekly high of 26 April. However, daily stochastics are falling, suggesting any immediate tests could give way to renewed consolidation. Broader weekly charts continue to rise, but a close above here is needed to turn sentiment positive once again and put focus on critical resistance at the 171.60~ current year high of 29 April. Meanwhile, a close back below 168.00 would delay any immediate upside potential and open up a pullback towards congestion support at 166.00.