Published: 2025-08-14T01:17:12.000Z
Chart EUR/JPY Update: Sharp pullback reversing bounce from 170.00
Technical Analyst
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Corrective gains from the 170.00 support extended higher than expected to reach 173.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.42 | ** | 2024 multi-year high | S1 | 171.30/00 | * | congestion | |
| R3 | 174.50 | * | congestion | S2 | 170.00 | ** | congestion | |
| R2 | 173.90/00 | ** | 28 Jul YTD high, congestion | S3 | 168.45 | * | 1 Jul low | |
| R1 | 173.00 | * | congestion | S4 | 168.00 | * | congestion |
Asterisk denotes strength of level
01:10 GMT - Corrective gains from the 170.00 support extended higher than expected to reach 173.00 level. Pullback from the latter through the 172.00 level as daily studies unwind overbought readings suggest corrective bounce now concluded and return focus to the downside. Intervening support is at the 171.30/00 area but this is expected to give way to selling pressure to open up the 170.00 support to retest. Break here will open up room for deeper pullback to retrace the strong March/July rally and see extension to 168.45/168.00 area.