Chart EUR/JPY Update: Volatile trade below 2025 year high - daily studies under pressure
The pullback following the test above strong resistance at the 166.68 monthly high of 31 October fell sharply to 165.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 169.20 | 24 Jul 2024 high | S1 | 166.00 | * | congestion | ||
| R3 | 168.00 | ** | break level | S2 | 165.00 | * | break level | |
| R2 | 167.50~ | ** | 61.8% ret of 2024 fall | S3 | 164.00 | ** | break level | |
| R1 | 166.68 | ** | 31 Oct (m) high | S4 | 163.00 | * | break level |
Asterisk denotes strength of level
14:45 BST - The pullback following the test above strong resistance at the 166.68 monthly high of 31 October fell sharply to 165.00, before posting a smart bounce back above 166.00. Overbought daily stochastics are turning down and the rising daily Tension Indicator is showing early signs of flattening, suggesting a minor deterioration in sentiment and room for fresh tests lower in the coming sessions. A close below 166.00 will put focus back on 165.00. But rising weekly charts should limit any tests in renewed buying interest. Meanwhile, a close above 166.68 will turn sentiment positive and extend broader August 2024 gains towards the 167.50~ Fibonacci retracement.