Published: 2025-08-07T01:08:23.000Z
Chart EUR/JPY Update: Extending corrective bounce
Technical Analyst
1
Break above the 171.00 level see prices extending bounce from the 170.00/169.72 support to retest the 172.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 174.50 | * | congestion | S1 | 170.00 | * | congestion | |
| R3 | 173.90/00 | ** | 28 Jul YTD high, congestion | S2 | 169.72 | * | 31 Jul low | |
| R2 | 173.00 | * | congestion | S3 | 168.45 | * | 1 Jul low | |
| R1 | 172.00 | * | congestion | S4 | 168.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - Break above the 171.00 level see prices extending bounce from the 170.00/169.72 support to retest the 172.00 level. Break here will see room to the 172.50 intraday congestion then the 173.00 level. Gains are seen corrective and expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 171.00 level and break here will return focus to the downside for retest of 170.00/169.72 support and where break will see deeper pullback to retrace the strong May/July rally.