Published: 2024-12-19T01:44:39.000Z
Chart EUR/JPY Update: Consolidating at 160.00, room for lower
Technical Analyst
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Consolidation below the 162.00 level has given way to deeper pullback to reach the 160.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.20 | ** | 8 Nov low | S1 | 160.00 | ** | congestion | |
| R3 | 162.65 | * | 61.8% Oct/Dec fall | S2 | 158.65 | * | 11 Dec low | |
| R2 | 162.00 | * | congestion | S3 | 158.00 | * | congestion | |
| R1 | 161.00 | * | congestion | S4 | 157.00 | * | congestion |
Asterisk denotes strength of level
01:35 GMT - Consolidation below the 162.00 level has given way to deeper pullback to reach the 160.00 level. Daily studies have turned down from overbought areas and suggest scope for break here to open up room for deeper pullback to the 158.65 support then the 158.00 level. Break of the latter will return focus to the 156.18 low. Meanwhile, resistance is lowered to 161.00 congestion and this now expected to cap. Only clearance here will expose the 162.00 level to retest and see scope to further retrace the October/December losses.