Chart EUR/JPY Update: Strong resistance at 173.90/00
The anticipated test of congestion resistance at 173.00 has extended to 173.40 in choppy trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.40 | ** | July 2024 (y) high | S1 | 172.00 | * | break level | |
| R3 | 175.00 | ** | figure | S2 | 171.00 | ** | range lows | |
| R2 | 173.90/00 | ** | 28 Jul YTD high; cong | S3 | 170.00 | ** | congestion | |
| R1 | 173.00 | * | congestion | S4 | 169.00 | ** | congestion, 38.2% ret |
Asterisk denotes strength of level
14:10 BST - The anticipated test of congestion resistance at 173.00 has extended to 173.40 in choppy trade, before settling lower in consolidation beneath 173.00. Daily readings have ticked higher, suggesting room for a fresh test above 173.00. But mixed/negative weekly charts are expected to limit scope in renewed selling interest/consolidation beneath critical resistance at the 173.90 current year high of 28 July and congestion around 174.00. A close above here, if seen, will turn sentiment positive and extend August 2024 gains towards the 175.40 year high of July 2024. Meanwhile, a break back below 172.00 would give way to consolidation above 171.00.