Chart EUR/JPY Update: Choppy in consolidation below 169.70 high
Choppy in range following bounce from the 168.00 support as prices extend consolidation below Monday's 169.70 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 171.00 | * | congestion | S1 | 168.00 | * | congestion | |
| R3 | 170.45 | * | 76.4% 2024 fall | S2 | 167.60 | * | 17 Jun high | |
| R2 | 170.00 | ** | congestion | S3 | 166.68 | ** | Oct high | |
| R1 | 169.70 | ** | 23 Jun YTD high | S4 | 166.00 | * | congestion |
Asterisk denotes strength of level
01:10 GMT - Choppy in range following bounce from the 168.00 support as prices extend consolidation below Monday's 169.70 high. Prices remains stretched on daily studies and suggest scope for pullback to unwind overbought readings. Would take break of 168.00 to open up room to resistance turned support at 167.60 and 166.68 previous highs. Break of these support will see room for deeper pullback to retrace rally from the May low at 161.00 to the 166.00/165.00 congestion area. Meanwhile, resistance at 169.70 high is expected to cap. Clearance here and the 170.00 level, if seen, will open up room for extension to 170.45 Fibonacci level and 171.00 congestion.