Chart EUR/JPY Update: Leaning lower
Anticipated selling interest has appeared beneath congestion resistance at 163.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 165.00 | * | congestion | S1 | 160.50 | ** | 50% ret of Dec rally | |
| R3 | 164.00 | * | congestion | S2 | 160.00 | * | congestion | |
| R2 | 163.00 | * | congestion | S3 | 159.50 | ** | 61.8% ret of Dec rally | |
| R1 | 162.00 | * | congestion | S4 | 159.00 | * | congestion |
Asterisk denotes strength of level
14:40 GMT - Anticipated selling interest has appeared beneath congestion resistance at 163.00, with prices falling sharply to trade back below 162.00. Daily readings are under pressure, highlighting room for continuation towards the 160.50 Fibonacci retracement. But already oversold daily stochastics could limit any initial tests in consolidation, before deteriorating weekly charts prompt a break. A close beneath here will add weight to sentiment and open up congestion support at 160.00, ahead of the 159.50 retracement. Meanwhile, a close back above 162.00 would help to stabilise price action and prompt consolidation beneath 163.00.