Chart EUR/JPY Update: Consolidating bounce from fresh year low
The anticipated break below strong support at the 175.30 Fibonacci retracement has posted a fresh year low just above congestion support at 175.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 180.00 | ** | break level | S1 | 176.00 | ** | congestion | |
| R3 | 179.00 | * | congestion | S2 | 175.30 | ** | 38.2% ret of 2025-2026 rally | |
| R2 | 178.00 | * | congestion | S3 | 175.00/10~ | * | congestion; 23 Oct YTD low | |
| R1 | 177.00 | * | congestion | S4 | 174.70 | ** | 6 Oct 25 low, gap high |
Asterisk denotes strength of level
13:55 GMT - The anticipated break below strong support at the 175.30 Fibonacci retracement has posted a fresh year low just above congestion support at 175.00, before bouncing into consolidation above 176.00. Rising intraday studies highlight room for continuation towards congestion resistance at 177.00. But negative daily readings and mixed/negative weekly charts should prompt renewed selling interest towards here and limit any immediate tests in fresh consolidation.
Following cautious/corrective trade, fresh losses are looked for. A close back below 176.00 will add weight to sentiment. But a further close below 175.30 extend April losses below 175.00 towards the 174.70 gap high from 6 October. A further break will put focus on the 173.25 gap low.