Chart EUR/JPY Update: Leaning lower
Cautious trade around congestion resistance at 160.00 has given way to renewed selling interest
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 162.00 | congestion | S1 | 158.00 | * | break level | ||
| R3 | 161.75 | break level | S2 | 157.00 | * | congestion | ||
| R2 | 161.00 | break level | S3 | 155.50 | * | 10 Feb low | ||
| R1 | 160.00 | * | congestion | S4 | 155.14 | * | 16 Sep (m) low |
Asterisk denotes strength of level
14:10 GMT - Cautious trade around congestion resistance at 160.00 has given way to renewed selling interest, with prices currently trading around 158.60. Intraday studies are leaning lower and overbought daily stochastics are flattening, suggesting room for further losses in the coming sessions. Support is at 158.00. The positive daily Tension Indicator could limit any initial tests in consolidation, before negative weekly charts prompt a break and open up congestion around 157.00. Meanwhile, resistance remains at 160.00, but a close above 161.00 is needed to improve sentiment and open up congestion around 162.00.