Chart EUR/JPY Update: Consolidating losses - studies under pressure
Anticipated losses have bounced from 156.30
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 162.00 | * | break level | S1 | 157.00 | * | congestion | |
| R3 | 161.00 | break level | S2 | 156.00 | minor congestion | |||
| R2 | 160.00 | * | congestion | S3 | 155.50 | * | 10 Feb YTD low | |
| R1 | 158.00 | * | break level | S4 | 155.14 | ** | 16 Sep (m) low |
Asterisk denotes strength of level
14:10 GMT - Anticipated losses have bounced from 156.30, as intraday studies turn higher, with prices currently balanced around 157.50. A retest of resistance at the 158.00 break level cannot be ruled out. But already overbought intraday studies and mixed/negative daily readings are expected to limit any break in consolidation beneath congestion resistance at 160.00. Meanwhile, support remains at congestion around 157.00. A close beneath here will add weight to sentiment and open up the 155.50 current year low of 10 February. By-then oversold daily stochastics could prompt fresh consolidation around here, before further selling interest targets the 155.14 monthly low of 16 September.