Chartbook: Chart EUR/JPY: Corrective gains expected to give way to selling pressure

Volatile trade in Q3 has seen sharp losses through the 182.00 support to confirm a double top at the 187.95/187.47, April and July highs. 

Subsequent bounce from the 178.00 level has seen gains to the 181.55 high to correct 38.2% of the 2-legged losses from the July high. Further gains will see room for extension of corrective gains to strong resistance at the 182.00, May low. Break here, if seen, will open up room to the 183.15 June low and extending to the 184.00 congestion which is expected to cap and give way to renewed selling pressure later. 

Break of the 178.00 support will see deeper pullback to retrace gains from the 155.00, February 2025 year low. Lower will see room for extension to the 176.00 congestion. Below the latter will see scope for continuation to support at 175.40/175.30, 2024 year high and 38.2% Fibonacci retracement. Lower still, will see extension to 174.00 congestion.