Chart EUR/JPY Update: Consolidating - room for a minor test higher
The anticipated test of resistance at the 179.35~ monthly low of 3 August is giving way to consolidation
| 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
14:25 BST - The anticipated test of resistance at the 179.35~ monthly low of 3 August is giving way to consolidation, as intraday studies turn down, with prices currently balanced around 179.10. Daily stochastics continue to track higher, unwinding oversold areas, and the flat daily Tension Indicator is also ticking higher, suggesting room for further strength in the coming sessions. A break above 179.35 will open up congestion around 180.00. But negative weekly charts should limit any tests in renewed selling interest/consolidation.
Meanwhile, support remains at congestion around 178.00 and extends to the 177.85 weekly low of 9 September. A close beneath here, not yet seen, 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.