Published: 2025-07-04T13:08:04.000Z
Chart EUR/JPY Update: Balanced beneath the 170.50 Fibonacci retracement
Senior Technical Strategist
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Little change, as prices extend cautious trade beneath strong resistance at the 170.50 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 172.92 | * | 16 Jul 2024 (w) high | S1 | 170.00 | congestion | ||
| R3 | 172.00 | congestion | S2 | 169.00 | * | congestion | ||
| R2 | 171.00 | break level | S3 | 168.00 | ** | break level | ||
| R1 | 170.50 | ** | 76.4% ret of 2024 fall | S4 | 166.00 | * | congestion |
Asterisk denotes strength of level
14:00 BST - Little change, as prices extend cautious trade beneath strong resistance at the 170.50 Fibonacci retracement. Intraday studies are falling, highlighting room for a test below congestion support at 170.00. But mixed daily readings and mixed/positive weekly charts are expected to limit scope in renewed consolidation above further congestion around 169.00. Following cautious trade, fresh gains are seen. But a close above 170.50 is needed to turn sentiment positive and extend August 2024 gains towards 171.00.