Chart EUR/JPY Update: Choppy in range
The anticipated drift lower towards congestion support at 176.00 has bounced from 176.15
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 179.00 | * | congestion | S1 | 176.00 | ** | congestion | |
| R3 | 178.45~ | 4 Nov high | S2 | 175.30 | ** | 38.2% ret of 2025-2026 rally | ||
| R2 | 178.00 | * | congestion | S3 | 175.00 | ** | congestion | |
| R1 | 177.00 | * | congestion | S4 | 174.00 | * | congestion |
Asterisk denotes strength of level
09:00 GMT - The anticipated drift lower towards congestion support at 176.00 has bounced from 176.15, as oversold intraday studies unwind, with prices currently trading around 176.80. A test of congestion resistance at 177.00 cannot be ruled out. But unwinding overbought daily stochastics should limit any immediate tests in consolidation, before the positive daily Tension Indicator prompts a break towards further congestion around 178.00. However, mixed weekly charts should limit any initial tests in range extension.
Meanwhile, support remains at 176.00. Any immediate tests beneath here should give way to consolidation above critical support at the 175.30 Fibonacci retracement.