Published: 2025-01-22T14:42:53.000Z
Chart EUR/JPY Update: Edging higher, but scope to remain limited
Senior Technical Strategist
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Anticipated gains have reached 162.85
| 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
14:30 GMT - Anticipated gains have reached 162.85, where flattening overbought intraday studies are prompting short-term reactions. Daily stochastics continue to rise, however, and the bearish daily Tension Indicator is also flattening, suggesting potential for continuation higher towards congestion resistance at 163.00. A break will open up 164.00. But negative weekly charts are expected to prompt renewed selling interest beneath here. Meanwhile, support is raised to 162.00. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above 161.00.