Chart EUR/JPY Update: Still heavy, but stretched
Limited below the 178.00 but pressure remains on the downside following rejection from the 179.35/50 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 182.00 | ** | May low | S1 | 178.00 | * | congestion | |
| R3 | 180.80 | ** | Feb low | S2 | 177.85 | ** | 8 Sep YTD low | |
| R2 | 180.00 | ** | figure, congestion | S3 | 177.00 | * | congestion | |
| R1 | 179.35/50 | * | Aug low, congestion | S4 | 176.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - Limited below the 178.00 but pressure remains on the downside following rejection from the 179.35/50 resistance. However, intraday and daily studies are oversold and suggest scope for bounce to consolidate sharp losses from the 186.00 August high. Would take break above resistance at the 179.35/50 area to open up room for stronger recovery to the strong resistance at the 180.00/180.80 figure and February low which is expected to cap. Corrective gains are expected to give way to fresh selling pressure later. Below the 177.85 low will see room to further retrace gains from the February 2025 year low to the 177.00/176.00 congestion area.