Published: 2025-01-23T15:11:21.000Z
Chart EUR/JPY Update: Sentiment turning cautious
Senior Technical Strategist
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The test of congestion resistance at 163.00 is giving way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.68 | ** | 31 Oct (m) high | S1 | 162.00 | * | congestion | |
| R3 | 165.00 | ** | break level | S2 | 161.00 | break level | ||
| R2 | 164.00 | * | congestion | S3 | 160.00 | * | congestion | |
| R1 | 163.00 | * | congestion | S4 | 159.50 | ** | 61.8% ret of Dec rally |
Asterisk denotes strength of level
14:55 GMT - The test of congestion resistance at 163.00 is giving way to a pullback, as intraday studies turn down, with prices currently trading around 162.55. Focus is on congestion support at 162.00. But rising daily readings and mixed weekly charts are expected to limit any initial tests in consolidation. A close beneath here, however, will add weight to price action and open up 161.00. Meanwhile, a cl;ose above 163.00 will target 164.00. But mixed studies should limit any initial tests in renewed consolidation.