Chart EUR/JPY Update: Pressuring 165.00
The anticipated break above resistance at 165.00 has met selling interest around 165.25
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 167.40 | ** | 61.8% ret of 2024 fall | S1 | 164.00 | ** | break level | |
| R3 | 166.68 | ** | 31 Oct (m) high | S2 | 163.00 | * | break level | |
| R2 | 166.00 | * | congestion | S3 | 162.00 | * | congestion | |
| R1 | 165.00 | * | break level | S4 | 161.00 | break level |
Asterisk denotes strength of level
14:00 BST - The anticipated break above resistance at 165.00 has met selling interest around 165.25, as overbought intraday studies unwind, with prices settling lower into consolidation beneath 165.00. A minor pullback cannot be ruled out, but rising daily readings and a tick higher in broader weekly charts should limit scope in renewed buying interest above 163.00. In the coming sessions, cautious trade is expected to give way to fresh gains. A later close above 165.00 will improve sentiment and extend February gains towards congestion around 166.00, where already overbought daily stochastics could prompt renewed selling interest.