Chart EUR/JPY Update: Under pressure, focus return to 160.00
Corrective bounce has given way from the 160.00 support has given way to renewed selling pressure ahead of 163.00/20 congestion area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.90 | ** | Dec high | S1 | 161.00 | * | congestion | |
| R3 | 164.90 | * | congestion | S2 | 160.00 | ** | congestion | |
| R2 | 164.00 | * | congestion | S3 | 158.65 | 11 Dec low | ||
| R1 | 163.00/20 | * | congestion | S4 | 158.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - Corrective bounce has given way from the 160.00 support has given way to renewed selling pressure ahead of resistance at the 163.00/20 congestion area. Reversal see pressure returning to the 161.00 level and break here will expose the 160.00 figure to retest. Daily studies are tracking lower and suggest scope for break here to open up room for deeper pullback to retrace rally from the December low. Lower will see room to the 158.65 support then the 158.00 congestion. Below the latter will see room to support at the August trendline at 157.20. Meanwhile, resistance at the 163.00/20 area expected to cap.