Chart EUR/JPY Update: Settled back in consolidation below 162.00 level
No follow-through on break above the 162.00 level as prices settled back in consolidation below the 162.65 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.00 | * | congestion | S1 | 160.72 | * | 11 Dec high | |
| R3 | 163.20 | ** | 8 Nov low | S2 | 160.00 | ** | congestion | |
| R2 | 162.65 | * | 61.8% Oct/Dec fall | S3 | 158.65 | * | 11 Dec low | |
| R1 | 162.00 | * | congestion | S4 | 158.00 | ** | congestion |
Asterisk denotes strength of level
01:40 GMT - No follow-through on break above the 162.00 level as prices settled back in consolidation below the 162.65 Fibonacci retracement to unwind overbought intraday studies. Daily studies are overbought as well and suggest room for deeper pullback to correct gains from the 156.18 low. Nearby see support at 160.72 and break here will open up scope to the 160.00 congestion which should underpin. Failure here will see deeper pullback to the 158.00 support. Meanwhile, break above the 162.00 level will see room for extension to the 162.65 Fibonacci level then the 163.20 resistance.