Chart EUR/JPY Update: Scope to retest 176.21 current year low
Lower in consolidation below the 177.00 level to expose the 176.21 current year low of 5 October to retest
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 180.80 | ** | Feb low | S1 | 176.21 | ** | 5 Oct YTD low | |
| R3 | 180.00 | * | congestion | S2 | 176.00 | * | congestion | |
| R2 | 179.35 | ** | Aug low | S3 | 175.42 | ** | Jul 2024 year high | |
| R1 | 178.00 | * | congestion | S4 | 175.30 | * | 38.2% 2025/2026 rally |
Asterisk denotes strength of level
01:25 GMT - Lower in consolidation below the 177.00 level to expose the 176.21 current year low of 5 October to retest. Daily studies have turned higher from oversold areas and suggest further ranging action above the latter to consolidate recent losses from the 181.55, 18 September high. Would take break here and the 176.00 level to open up room for extension to strong support at 175.42/175.30, July 2024 year high and 38.2% Fibonacci retracement. Meanwhile, resistance remains at the 177.50/178.00 congestion. Would need to regain this to ease the downside pressure and open up room for stronger corrective bounce to resistance at the 179.35 August low and the 180.00 figure.