Chart EUR/JPY Update: Choppy at year highs
The drift higher to strong resistance at the 173.90 current year high of 28 July and congestion around 174.00 has not been sustained
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 176.00 | historic congestion | S1 | 173.00 | * | congestion | ||
| R3 | 175.40 | ** | July 2024 (y) high | S2 | 172.00 | * | break level | |
| R2 | 175.00 | ** | figure | S3 | 171.00 | ** | range lows | |
| R1 | 173.90/00 | ** | 28 Jul YTD high; cong | S4 | 170.00 | ** | congestion |
Asterisk denotes strength of level
14:10 BST - The drift higher to strong resistance at the 173.90 current year high of 28 July and congestion around 174.00 has not been sustained, as overbought intraday studies unwind, with steady selling interest prompting a pullback towards congestion support at 173.00. Daily readings have turned mixed and broader weekly charts are negative, highlighting room for further losses in the coming sessions. A break below 173.00 will open up 172.00, with potential for continuation down to 171.00. Meanwhile, a close above 173.90/00 would turn sentiment positive and extend August 2024 gains towards strong resistance within 175.00/40.