Chart EUR/JPY Update: Prices remain under pressure
The anticipated break below 163.00 has reached 162.35~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.00 | * | congestion | S1 | 162.00 | * | congestion | |
| R3 | 165.00 | * | congestion | S2 | 161.55 | * | 38.2% ret of Dec rally | |
| R2 | 164.00 | * | congestion | S3 | 161.00 | * | congestion | |
| R1 | 163.00 | * | congestion | S4 | 160.50 | ** | 50% ret of Dec rally |
Asterisk denotes strength of level
14:30 GMT - The anticipated break below 163.00 has reached 162.35~, where flat oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower, however, and positive weekly charts have turned neutral, suggesting room for further losses in the coming sessions. A break below 162.35 will open up congestion support at 162.00. But a further close below the 161.55 Fibonacci retracement is needed to turn sentiment outright negative and prompt a deeper pullback towards the 160.50 retracement. Meanwhile, resistance is lowered to congestion around 163.00. A close above here would turn sentiment neutral and prompt consolidation beneath further congestion around 164.00.