Chart EUR/JPY Update: Focus on strong resistance at 173.90/00
Choppy trade around congestion resistance at 173.00 is giving way to a test higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.40 | ** | July 2024 (y) high | S1 | 172.00 | * | break level | |
| R3 | 175.00 | ** | figure | S2 | 171.00 | ** | range lows | |
| R2 | 173.90/00 | ** | 28 Jul YTD high; cong | S3 | 170.00 | ** | congestion | |
| R1 | 173.00 | * | congestion | S4 | 169.00 | ** | congestion, 38.2% ret |
Asterisk denotes strength of level
13:20 BST - Choppy trade around congestion resistance at 173.00 is giving way to a test higher, with prices currently trading around 137.25. Daily readings are rising, suggesting room for continuation towards critical resistance at the 173.90 current year high of 28 July and congestion around 174.00. However, by-then overbought daily stochastics and mixed weekly charts are expected to limit any initial tests in consolidation. Longer-term charts are rising, but a close above here is needed to confirm a more sustainable rally and extend August 2024 gains towards the 175.40 year high of July 2024. Meanwhile, support remains at 172.00. A break beneath here, if seen, would give way to consolidation above 171.00.