Published: 2025-08-08T13:30:10.000Z
Chart EUR/JPY Update: Limited gains
Senior Technical Strategist
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Consolidation is giving way to anticipated tests higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.00 | ** | figure | S1 | 171.00 | ** | break level | |
| R3 | 173.90/00 | ** | 28 Jul YTD high; cong | S2 | 170.00 | congestion | ||
| R2 | 173.00 | * | congestion | S3 | 169.00 | * | congestion, 38.2% ret | |
| R1 | 172.00 | * | break level | S4 | 168.00 | ** | congestion |
Asterisk denotes strength of level
14:20 BST - Consolidation is giving way to anticipated tests higher, as intraday studies improve, with prices currently trading just above 172.00. Rising daily readings highlight potential for continuation towards congestion resistance 173.00. But bearish weekly charts are expected to prompt renewed selling interest beneath here. Following any corrective trade, fresh losses are looked for. A break back below support at 171.00 will open up congestion around 170.00. Continuation beneath here will add weight to sentiment and confirm a near-term top in place at the 173.90 current year high of 28 July, as late-July losses extend initially to 169.00.