Chart EUR/JPY Update: Leaning lower in consolidation
Leaning lower in consolidation with test below the 177.00 level opening up room for retest of the 176.21, 5 October current year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 180.80 | ** | Feb low | S1 | 176.21 | ** | 5 Oct YTD low | |
| R3 | 180.00 | * | congestion | S2 | 176.00 | * | congestion | |
| R2 | 179.35 | ** | Aug low | S3 | 175.42 | ** | Jul 2024 year high | |
| R1 | 178.00 | * | congestion | S4 | 175.30 | * | 38.2% 2025/2026 rally |
Asterisk denotes strength of level
01:15 GMT - Leaning lower in consolidation with test below the 177.00 level opening up room for retest of the 176.21, 5 October current year low. Daily studies are mixed at oversold areas and suggest ranging action above the latter likely to extend. Would take break here and the 176.00 level to open up room for extension to strong support at 175.42/175.30, July 2024 year high and 38.2% Fibonacci retracement. Meanwhile, resistance remains at the 178.00 congestion. Would need to regain this to clear the way for stronger corrective bounce to strong resistance at the 179.35 August low.