Chart EUR/JPY Update: Consolidating beneath the 162.00/65 barrier
The anticipated test above 162.00 has met selling interest beneath the 162.65 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.50 | congestion | S1 | 161.00 | break level | |||
| R3 | 163.00 | * | congestion | S2 | 160.00 | * | congestion | |
| R2 | 162.65 | ** | 61.8% ret of Oct-Dec fall | S3 | 158.00 | * | congestion | |
| R1 | 162.00 | * | congestion | S4 | 157.00 | * | congestion |
Asterisk denotes strength of level
14:25 GMT - The anticipated test above 162.00 has met selling interest beneath the 162.65 Fibonacci retracement, as intraday studies turn down and overbought daily stochastics remain flat, with prices once again trading below 162.00. Focus is on support at the 161.00 break level, but the rising daily Tension Indicator and a tick higher in broader weekly charts are expected to limit any immediate break in renewed consolidation above congestion support at 160.00. An unexpected close beneath here would add weight to sentiment and prompt a deeper pullback towards 158.00. Meanwhile, a close above 162.65 is needed to turn sentiment positive and extend December gains towards the 164.20 retracement.