Published: 2025-01-14T14:36:54.000Z
Chart EUR/JPY Update: Consolidating
Senior Technical Strategist
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Consolidation above support at the 160.50 Fibonacci retracement and congestion around 160.00 has given way to a bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 165.00 | * | congestion | S1 | 160.50 | ** | 50% ret of Dec rally | |
| R3 | 164.00 | * | congestion | S2 | 160.00 | * | congestion | |
| R2 | 163.00 | * | congestion | S3 | 159.50 | ** | 61.8% ret of Dec rally | |
| R1 | 162.00 | * | congestion | S4 | 159.00 | * | congestion |
Asterisk denotes strength of level
14:10 GMT - Consolidation above support at the 160.50 Fibonacci retracement and congestion around 160.00 has given way to a bounce back to congestion resistance at 162.00, where overbought intraday studies are prompting short-term reactions. A test above here is possible, but negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest towards 163.00. Following cautious trade, fresh losses are looked for. A later close below 160.00 will add weight to price action and extend late-December losses towards the 159.50 retracement.