Published: 2025-06-24T13:55:18.000Z
Chart EUR/JPY Update: Potential for a deeper pullback
Senior Technical Strategist
1
Cautious trade has given way to a pullback to support at 168.00
| 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~ | * | 23 Jun YTD high | S3 | 165.00 | * | break level | |
| R1 | 169.20 | 24 Jul 2024 high | S4 | 164.00 | ** | break level |
Asterisk denotes strength of level
14:50 BST - Cautious trade has given way to a pullback to support at 168.00, where oversold intraday studies are prompting short-term reactions. Overbought daily stochastics are also turning down, highlighting room for a test beneath here. Focus will then turn to congestion around 166.00, as profit-taking pressure increase. But mixed/positive weekly charts and improving longer-term readings should limit any tests of 166.00 in renewed consolidation. Meanwhile, an unexpected close above 169.20 would help to improve price action and open up a test of strong resistance within congestion around 170.00 and the 170.50 Fibonacci retracement.