Published: 2025-07-16T13:38:51.000Z
Chart EUR/JPY Update: Smart pullback from fresh year high
Senior Technical Strategist
-
The anticipated test of congestion resistance at 173.00 has extended to 173.25
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.43 | ** | 11 Jul 2024 (y) high | S1 | 172.00 | * | congestion | |
| R3 | 175.00 | ** | break level | S2 | 171.00 | break level | ||
| R2 | 174.00 | congestion | S3 | 170.00 | congestion | |||
| R1 | 173.00 | * | congestion | S4 | 169.00 | * | congestion |
Asterisk denotes strength of level
14:20 BST - The anticipated test of congestion resistance at 173.00 has extended to a fresh 2025 year high at 173.25, where unwinding overbought intraday studies and flattening daily stochastics are prompting a pullback. Immediate focus is on congestion support at 172.00. But the rising daily Tension Indicator and improving weekly charts are expected to limit any break in renewed buying interest above 171.00. Following cautious/choppy trade, fresh gains are looked for. A close above 173.00 will improve sentiment and extend broad August 2024 gains initially towards 174.00.