Chart EUR/JPY Update: Turning away from 2025 highs
Consolidation beneath critical resistance congestion around 173.00 and the 173.25 current year high of 16 July is giving way to a test lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.00 | ** | break level | S1 | 172.00 | * | congestion | |
| R3 | 174.00 | congestion | S2 | 171.00 | break level | |||
| R2 | 173.25 | ** | 16 Jul YTD high | S3 | 170.00 | congestion | ||
| R1 | 173.00 | * | congestion | S4 | 169.00 | * | congestion |
Asterisk denotes strength of level
14:05 BST - Consolidation beneath critical resistance congestion around 173.00 and the 173.25 current year high of 16 July is giving way to a test lower, as intraday studies turn down, with prices currently pressuring congestion support at 172.00. Daily readings continue to track lower and overbought weekly stochastics are also turning down, suggesting room for a break beneath here. Focus will then turn to 171.00. But the positive weekly Tension Indicator and improving longer-term readings should limit any tests in renewed buying interest/consolidation. Meanwhile, a close above 173.00/25 would turn sentiment positive and extend broad August 2024 gains initially towards congestion around 174.00.