Chart EUR/JPY Update: Balanced above 161.00
The test of support at the 161.00 break level is giving way to anticipated consolidation
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.50 | congestion | S1 | 161.00 | break level | |||
| R3 | 163.00 | * | congestion | S2 | 160.00 | * | congestion | |
| R2 | 162.65 | ** | 61.8% ret of Oct-Dec fall | S3 | 158.00 | * | congestion | |
| R1 | 162.00 | * | congestion | S4 | 157.00 | * | congestion |
Asterisk denotes strength of level
14:25 GMT - The test of support at the 161.00 break level is giving way to anticipated consolidation, as intraday studies turn higher, with prices currently trading around 161.40. The rising daily Tension Indicator suggests room for a retest of congestion resistance at 162.00. But overbought daily stochastics are turning down and broader weekly charts are mixed, suggesting any further break should be limited in profit-taking beneath the 162.65 Fibonacci retracement. Meanwhile, a close below 161.00 would add weight to sentiment and extend losses initially to congestion around 160.00. An unexpected close beneath here would open up 158.00.