Chart EUR/JPY Update: Extend choppy trade above 176.21 current year low
Bounce from above the 176.21 current year low of 5 October see prices back to consolidate around the 177.00 level
| 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
01:00 GMT - Bounce from above the 176.21 current year low of 5 October see prices back to consolidate around the 177.00 level. Daily studies have turned higher from oversold areas and suggest further choppy trade to consolidate recent losses from the 181.55, 18 September swing high. Break of the 176.21 low and the 176.00 level will 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. Above here will ease the downside pressure and open up room for stronger corrective bounce to retest the 179.35, August low.