Chartbook: Chart EUR/JPY: Extending gains to multi-year high

Saw break to fresh year high above the 175.00 level at the start of Q4 and subsequent follow-through above 175.40, 2024 year high, see extension to fresh multi-year high.

Break above the 180.00 level see prices extending bullish gains from the 155.00 February current year low and see room to 185.00, 50% Fibonacci extension of the 2020/2024 rally. Would expect reaction at the latter as long-term studies stretched into overbought areas. Break here, if seen, will see room for extension to retest the 188.00/20, 1990 year high.

Meanwhile, support is at the 175.40/175.00, 2024 year high and congestion area. Would take break here to open up room for deeper corrective pullback to strong support at the 170.00 figure and 2008 year high. Below the latter will fade the upside pressure and turn focus lower and see deeper correction of rally from the 2020 year low.