Published: 2025-01-16T14:40:58.000Z
Chart EUR/JPY Update: Under pressure
Senior Technical Strategist
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Anticipated losses have reached congestion support at 160.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 165.00 | * | congestion | S1 | 160.00 | * | congestion | |
| R3 | 164.00 | * | congestion | S2 | 159.50 | ** | 61.8% ret of Dec rally | |
| R2 | 163.00 | * | congestion | S3 | 159.00 | * | congestion | |
| R1 | 162.00 | * | congestion | S4 | 158.20 | ** | 61.8% ret of Dec rally |
Asterisk denotes strength of level
14:30 GMT - Anticipated losses have reached congestion support at 160.00, where oversold daily stochastics are prompting short-term reactions. The daily Tension Indicator continues to track lower and weekly charts are also under pressure, highlighting room for further losses in the coming sessions. A break will open up the 159.50 Fibonacci retracement, with potential for continuation down to 159.00. Meanwhile, resistance remains at congestion around 162.00 and should cap any immediate corrective bounce.