Chart EUR/JPY Update: Consolidating, room for lower later
Higher in consolidation from the 182.00 level and channel support from the February 2025 year low to approach resistance at 183.70
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.87 | ** | 23 Jan YTD high | S1 | 182.00 | * | congestion | |
| R3 | 186.22 | * | 9 Feb high | S2 | 180.80 | ** | 12 Feb YTD low | |
| R2 | 184.78 | ** | 25 Feb high | S3 | 180.00 | ** | congestion | |
| R1 | 183.70/00 | * | congestion | S4 | 178.82 | * | Oct high |
Asterisk denotes strength of level
01:25 GMT - Higher in consolidation from the 182.00 level and channel support from the February 2025 year low to approach resistance at 183.70. However, negative daily and weekly studies suggest consolidation expected to give way to renewed selling pressure later and where break of 182.00 level will open up room for retest of the 180.80, February current year low. Below this will extend the broader losses from the January high to retrace rally from the February 2025 low. Meanwhile resistance at the 183.70/184.00 congestion is expected to cap and sustain losses from the 184.78, 25 February lower high.