Published: 2024-04-24T01:24:09.000Z
Chart EUR/JPY Update: Extending gains
Technical Analyst
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Break above the 165.00 level and 165.30 high extend the broad bull trend from the 2012 low
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 169.45 | * | 7 Aug 2008 high | S1 | 165.35/00 | * | Mar high, congestion | |
R3 | 168.00 | * | congestion | S2 | 164.30 | * | Nov high | |
R2 | 166.85 | * | 5 Aug 2008 low | S3 | 163.70 | * | Feb high | |
R1 | 166.00 | * | figure | S4 | 163.00 | figure |
Asterisk denotes strength of level
01:15 GMT - Break above the 165.00 level and 165.30 high extend the broad bull trend from the 2012 low to reach fresh high towards the 166.00 level. Higher still will see room to the 166.85/167.00 area from August 2008. Beyond this, but not expected for now, will see room to 168.00 level. However, deep overbought daily studies caution corrective pullback with support now raised to the 165.35/165.00 area. This should now underpin immediate pullback. Would take break here to open up deeper correction to the strong support at the 164.30 and 163.70, Nov and Feb highs.