Chart EUR/JPY Update: Sharp pullback from 2025 highs
Consolidation beneath critical resistance at the 173.90 current year high of 28 July and congestion around 174.00 has given way to a sharp pullback to 172.15
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.40 | ** | July 2024 (y) high | S1 | 172.00 | * | break level | |
| R3 | 175.00 | ** | figure | S2 | 171.00 | ** | range lows | |
| R2 | 173.90/00 | ** | 28 Jul YTD high; cong | S3 | 170.00 | ** | congestion | |
| R1 | 173.00 | * | congestion | S4 | 169.00 | ** | congestion, 38.2% ret |
Asterisk denotes strength of level
14:40 BST - Consolidation beneath critical resistance at the 173.90 current year high of 28 July and congestion around 174.00 has given way to a sharp pullback to 172.15, where a minor bounce is pushing prices to 172.50. Daily readings have turned down and broader weekly charts are under pressure, highlighting a deterioration in sentiment and room for deeper losses in the coming sessions. A break below support at 172.00 will open up 171.00. But a further close below congestion around 170.00 is needed to confirm a near-term top in place around 173.90/00 and prompt a deeper correction, initially towards 169.00. Meanwhile, resistance is lowered to congestion around 173.00. But a close above 173.90/00 would turn sentiment positive and extend August 2024 gains towards 175.00.