Chartbook: Chart EUR/JPY: Extending gains to multi-year high

Saw break to fresh high at the start of the year at 186.87 before turning lower in choppy trade to consolidate at the 180.80 low. 

Consolidation from the January high is expected to give way to renewed buying pressure later to extend the underlying bull trend from the 2000/2012 double bottom year lows. Break above 186.87 high will see room for extension to the 188.20, 1990 year high, and the 190.00 figure. Higher still, will see scope for extension to the 196.00 Fibonacci extension. 

Would take break of the 180.80/180.00 support to delay bull extension and open up room for deeper correction to retrace gains from the 155.00 January year low. Lower will see scope to support at 178.00 congestion. Below this will see room to strong support at 175.40/174.00, 2024 year high and July 2025 high, which is expected to underpin. Break of the latter will fade the upside pressure and see deeper corrective pullback to strong support at the 170.00 figure and 2008 year high.