Published: 2025-01-27T09:48:21.000Z
Chart EUR/JPY Update: Limited downside tests
Senior Technical Strategist
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Anticipated consolidation following the test of congestion resistance at 164.00 has given way to a sharp break lower
| 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
09:35 GMT - Anticipated consolidation following the test of congestion resistance at 164.00 has given way to a sharp break lower, with prices currently focused on congestion support at 162.00. Intraday studies are under pressure and rising daily stochastics are flattening, suggesting room for a break beneath here and continuation down to 161.00. However, the rising daily Tension Indicator and mixed weekly charts are expected to limit any initial tests in renewed consolidation. Meanwhile, resistance remains at congestion around 163.00 and should cap any immediate tests higher.