Published: 2025-03-21T14:32:51.000Z
Chart EUR/JPY Update: Choppy trade - studies under pressure
Senior Technical Strategist
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The retest of congestion resistance at 162.00 has been rejected
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.00 | * | break level | S1 | 161.00 | break level | ||
| R3 | 165.00 | ** | break level | S2 | 160.00 | * | congestion | |
| R2 | 164.00 | ** | break level | S3 | 159.00 | * | break level | |
| R1 | 162.00 | * | congestion | S4 | 158.40 | ** | 61.8% ret of Feb-Mar rally |
Asterisk denotes strength of level
14:25 GMT - The retest of congestion resistance at 162.00 has been rejected, as intraday studies turn down once again, with prices currently trading around 161.25. Daily readings continue to point lower, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 161.00 will add weight to sentiment and initially open up congestion around 160.00. Rising weekly charts, however, could limit any further losses in renewed buying interest/consolidation above 159.00. Meanwhile, a close above 162.00 would help to stabilise price action and prompt consolidation beneath 164.00.