Chart EUR/JPY Update: Higher in consolidation
Limited below the 177.00 level with bounce from 176.50 suggest further ranging action above the 176.21, 5 October current year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 180.80 | ** | Feb low | S1 | 177.00 | * | congestion | |
| R3 | 180.00 | * | congestion | S2 | 176.21 | ** | 5 Oct YTD low | |
| R2 | 179.35 | ** | Aug low | S3 | 176.00 | * | congestion | |
| R1 | 178.00 | * | congestion | S4 | 175.42 | ** | Jul 2024 year high |
Asterisk denotes strength of level
01:15 GMT - Limited below the 177.00 level with bounce from 176.50 suggest further ranging action above the 176.21, 5 October current year low. Daily studies have turned higher at oversold areas and suggest scope to retest resistance 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 and the 180.00 figure. Meanwhile, support is raised to the 177.00 level. Below here will threaten retest of 176.21 low. 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.