Published: 2025-07-31T13:58:49.000Z
Chart EUR/JPY Update: Smart bounce in JPY-driven trade
Senior Technical Strategist
2
The close below 170.00 has not been sustained
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.00 | congestion | S1 | 171.00 | ** | break level | ||
| R3 | 173.90/00 | ** | 28 Jul YTD high; cong | S2 | 170.00 | congestion | ||
| R2 | 173.00 | * | congestion | S3 | 169.00 | * | congestion | |
| R1 | 172.00 | * | break level | S4 | 168.00 | ** | congestion |
Asterisk denotes strength of level
14:45 BST - The close below 170.00 has not been sustained, as prices post a sharp JPY-driven bounce from 169.70~. Focus is back on resistance at 172.00, with rising intraday studies and flattening oversold daily stochastics highlighting room for a test above here. However, the bearish daily Tension Indicator and deteriorating weekly charts should limit scope in renewed selling interest beneath congestion resistance at 173.00. Meanwhile, support is at 171.00. But a close below 170.00 would turn sentiment negative once again and extend July losses initially to 169.00.