Published: 2025-07-03T13:33:27.000Z
Chart EUR/JPY Update: Balanced at fresh year highs beneath strong resistance
Senior Technical Strategist
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Choppy trade has given way to a break higher
| 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
14:20 BST - Choppy trade has given way to a break higher, with prices currently posting fresh year highs just below strong resistance at the 170.50 Fibonacci retracement. Intraday studies are overbought and daily readings are mixed, suggesting potential for fresh consolidation beneath here. However, weekly charts are mixed/positive and longer-term readings are also rising, pointing to room for a later break above here and continuation of August 2024 gains towards 171.00. Meanwhile, a close back below congestion support at 170.00 will turn sentiment neutral and give way to consolidation above further congestion around 169.00.