Published: 2025-01-07T14:44:30.000Z
Chart EUR/JPY Update: Daily studies edging higher
Senior Technical Strategist
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The test above 164.00 is giving way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.68 | ** | 31 Oct (m) high | S1 | 163.00 | * | congestion | |
| R3 | 166.00 | * | congestion | S2 | 162.00 | * | congestion | |
| R2 | 165.00 | * | congestion | S3 | 161.55 | * | 38.2% ret of Dec rally | |
| R1 | 164.00 | * | congestion | S4 | 161.00 | * | congestion |
Asterisk denotes strength of level
14:30 GMT - The test above 164.00 is giving way to a drift lower, as overbought intraday studies unwind, with prices currently trading around 163.85. Daily stochastics have ticked higher, however, and the bearish daily Tension Indicator is flattening, suggesting potential for a fresh test above here. Focus will then turn to 165.00, but mixed weekly charts are expected to limit any initial tests in renewed consolidation. A close above here, however, would improve sentiment and extend December gains towards 166.00. Meanwhile, support is at congestion around 163.00 and should underpin any immediate setbacks.