Chart EUR/JPY Update: Under pressure in both EUR- and JPY-driven trade
Consolidation around congestion resistance at 176.00 has given way to a pullback in both EUR- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 179.00 | * | congestion | S1 | 175.30 | ** | 38.2% ret of 2025-2026 rally | |
| R3 | 178.00 | * | congestion | S2 | 175.00/10~ | * | congestion; 23 Oct YTD low | |
| R2 | 177.00 | * | congestion | S3 | 174.70 | ** | 6 Oct 25 low, gap high | |
| R1 | 176.00 | ** | congestion | S4 | 173.25 | ** | 5 Oct 25 high, gap low |
Asterisk denotes strength of level
14:40 GMT - Consolidation around congestion resistance at 176.00 has given way to a pullback in both EUR- and JPY-driven trade, with prices currently balanced above support at the 175.30 Fibonacci retracement. Daily readings are mixed/negative and broader weekly charts are also under pressure, highlighting room for further losses in the coming sessions. A break beneath here is looked for, with the 175.10 current year low of 23 October to then attract. Further selling pressure will add weight to sentiment and extend April losses initially towards the 174.70 gap high from 6 October.
Meanwhile, a close back above 176.00, if seen, will help to stabilise sentiment and prompt consolidation beneath congestion resistance at 177.00.