Chart EUR/JPY Update: Cautious trade - studies under pressure
Little change, as prices extend cautious trade around congestion support at 176.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 180.00 | ** | break level | S1 | 176.00 | ** | congestion | |
| R3 | 179.00 | * | congestion | S2 | 175.30 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 178.00 | * | congestion | S3 | 175.00/10~ | * | congestion; 23 Oct YTD low | |
| R1 | 177.00 | * | congestion | S4 | 174.70 | ** | 6 Oct 25 low, gap high |
Asterisk denotes strength of level
14:25 GMT - Little change, as prices extend cautious trade around congestion support at 176.00. Intraday studies are turning down and daily readings remain bearish, highlighting room for a drift lower towards support at the 175.30 Fibonacci retracement. Just lower is the 175.10 current year low of 23 October. Oversold daily stochastics could limit any initial tests of this range in fresh consolidation, before deteriorating weekly charts prompt a break and extend April losses towards the 174.70 gap high from 6 October. A further break will put focus on the 173.25 gap low.
Meanwhile, resistance remains at congestion around 177.00 and should cap any immediate tests higher. An unexpected close above here would help to stabilise price action and give way to range extension beneath further congestion around 178.00.