Chartbook: Chart EUR/JPY: Poised for retest of 175.40, 2024 year high

Saw break to fresh year high at the 174.00 level at the start of Q3 before settling back in consolidation. Subsequent bounce from the 170.00 level see pressure returning to the upside. 

Break above the 174.00 level will extend bounce from the 155.00 March current year low and see room to retest the July 2024 multi-year high at 175.40. Would expect the latter to cap and give way to selling pressure to retrace gains from the 155.00 support. Break above 175.40, if seen, will further extend gains to 178.00, the equidistant channel resistance from the 89.00/94.10, 2000/2012 year lows, and the 180.00 figure.

Meanwhile, support is at the 170.00 figure and 2008 year high. Would take break here to fade the upside pressure and open up room for corrective pullback to support at the 165.00 congestion and the 160.00 level.