Published: 2025-01-17T14:03:23.000Z
Chart EUR/JPY Update: Consolidating test of 159.50 - 160.00. Studies under pressure
Senior Technical Strategist
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The anticipated break below 160.00 has bounced from above the 159.50 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.00 | * | congestion | S1 | 160.00 | * | congestion | |
| R3 | 163.00 | * | congestion | S2 | 159.50 | ** | 61.8% ret of Dec rally | |
| R2 | 162.00 | * | congestion | S3 | 159.00 | * | congestion | |
| R1 | 161.00 | break level | S4 | 158.20 | ** | 61.8% ret of Dec rally |
Asterisk denotes strength of level
13:50 GMT - The anticipated break below 160.00 has bounced from above the 159.50 Fibonacci retracement, as oversold intraday studies unwind, with prices currently balanced in fresh consolidation above 160.00. A test higher is possible, but negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest towards the 161.00 break level. Following cautious trade, fresh losses are looked for. A close below 159.50 would add weight to sentiment and extend late-December losses initially to congestion around 159.00.