Published: 2025-01-08T14:33:29.000Z
Chart EUR/JPY Update: Leaning lower
Senior Technical Strategist
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Cautious trade has given way to further losses
| 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
14:20 GMT - Cautious trade has given way to further losses, with prices currently pressuring congestion support at 163.00. Intraday studies are falling, suggesting potential for a fresh break beneath here. But rising daily stochastics and the flat daily Tension Indicator are expected to limit scope in renewed buying interest/consolidation above 162.00. A close below further support at the 161.55 Fibonacci retracement would turn sentiment negative and prompt a deeper pullback towards the 160.50 retracement. Meanwhile, resistance is at congestion around 164.00. A close above here would put focus on 165.00, where fresh consolidation is expected to appear.