Chart EUR/JPY Update: Consolidating test of 162.00/161.58 support
No follow-through on break of the 162.00 level as prices turned up in consolidation from test of the 162.00/161.58 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.00 | * | congestion | S1 | 162.00 | * | congestion | |
| R3 | 165.00/20 | ** | congestion, 13 May YTD high | S2 | 161.58 | * | 6 May low | |
| R2 | 164.00 | * | congestion | S3 | 161.00 | ** | 22 Apr low, congestion | |
| R1 | 163.00/50 | * | congestion | S4 | 160.00 | * | congestion |
Asterisk denotes strength of level
00:50 GMT - No follow-through on break of the 162.00 level as prices turned up in consolidation from test of the 162.00/161.58 support. Bounce see prices unwinding the oversold intraday studies but this is expected to give way to renewed selling pressure later. Break of the 162.00/161.58 support will open up deeper pullback to the strong support at the 161.00 congestion. Below this will turn focus to the 160.00 support and 158.15, April low. Meanwhile, resistance at the 163.00/50 area is expected to cap. Above here, if seen, will ease the downside pressure and see room for stronger bounce to the 164.00 congestion.