Chart EUR/JPY Update: Fresh year highs in JPY-driven trade
The anticipated break above 168.00 has accelerated to the 169.20 high of 24 July 2024 in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 170.50 | ** | 76.4% ret of 2024 fall | S1 | 168.00 | ** | break level | |
| R3 | 170.00 | congestion | S2 | 166.00 | * | congestion | ||
| R2 | 169.70~ | current 2025 year high | S3 | 165.00 | * | break level | ||
| R1 | 169.20 | 24 Jul 2024 high | S4 | 164.00 | ** | break level |
Asterisk denotes strength of level
13:50 BST - The anticipated break above 168.00 has accelerated to the 169.20 high of 24 July 2024 in JPY-driven trade, with prices extending to post a fresh 2025 year high around 169.70 before settling back. Overbought intraday studies are unwinding, highlighting a cautious tone. But improving daily readings a mixed/positive weekly charts are expected to extend gains towards congestion around 170.00 and the 170.50 Fibonacci retracement. Already overbought daily stochastics and flattening overbought weekly readings could limit any initial tests of this range in profit-taking. Meanwhile, support is at 168.00 and should underpin any immediate setbacks.