Chart EUR/JPY Update: Room for deeper pullback
Extending losses from the 161.00 level and break of the 160.00 congestion opens up room for deeper pullback to the 158.00 congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.50 | ** | Oct trendline | S1 | 158.00 | * | 3 Feb low, congestion | |
| R3 | 162.00 | * | congestion | S2 | 157.00 | * | congestion | |
| R2 | 161.00/18 | ** | congestion, 13 Feb high | S3 | 156.18 | * | Dec low | |
| R1 | 160.00 | * | congestion | S4 | 155.50 | ** | 10 Feb YTD low |
Asterisk denotes strength of level
01:20 GMT - Extending losses from the 161.00 level and break of the 160.00 congestion opens up room for deeper pullback to the 158.00 congestion. Break of the latter will confirm a lower high in place at the 161.00/18 highs and return focus to the downside for retest of the 156.18 and 155.50, December and February YTD lows. Below these will extend the broader losses from the November high and see room to retest the 155.15/154.40, September/August lows. Meanwhile, resistance is lowered to the 160.00 congestion which is expected to cap and sustain losses from the 161.18 lower high.