Chart EUR/JPY Update: JPY-driven gains to remain limited
Consolidation following the test of support at the 177.85 weekly low of 9 September and congestion around 178.00 is giving way to a drift higher in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 182.00 | * | break level | S1 | 177.85/00 | * | 9 Sep (w) low; cong | |
| R3 | 181.00 | * | congestion | S2 | 177.50 | * | congestion | |
| R2 | 180.00 | ** | congestion | S3 | 176.50 | * | congestion | |
| R1 | 179.35~ | ** | 3 Aug (m) low | S4 | 175.30 | ** | 38.2% ret of 2025-2026 rally |
Asterisk denotes strength of level
13:55 BST - Consolidation following the test of support at the 177.85 weekly low of 9 September and congestion around 178.00 is giving way to a drift higher in JPY-driven trade, with prices currently trading around 178.60. Rising intraday studies and rising oversold daily stochastics highlight room for continuation towards resistance at the 179.35~ monthly low of 3 August. But the bearish daily Tension Indicator and negative weekly charts should limit any further gains in renewed selling interest/consolidation beneath congestion around 180.00.
Following cautious/corrective trade, fresh losses are looked for. A later close below 177.85/00 will add weight to sentiment and extend losses from the 187.95 current year high of 17 April initially towards further congestion around 176.50.