Published: 2025-08-07T13:33:57.000Z
Chart EUR/JPY Update: Gains to remain limited
Senior Technical Strategist
1
The test of resistance at 172.00 is giving way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.00 | ** | figure | S1 | 171.00 | ** | break level | |
| R3 | 173.90/00 | ** | 28 Jul YTD high; cong | S2 | 170.00 | congestion | ||
| R2 | 173.00 | * | congestion | S3 | 169.00 | * | congestion, 38.2% ret | |
| R1 | 172.00 | * | break level | S4 | 168.00 | ** | congestion |
Asterisk denotes strength of level
14:15 BST - The test of resistance at 172.00 is giving way to a pullback, as intraday studies turn down, with prices currently trading around 171.50. Daily studies are rising, suggesting room for a retest of 172.00. But bearish weekly charts are expected to limit any break in renewed selling interest beneath congestion around 173.00. Following any corrective trade, fresh losses are looked for. A break back below 171.00 will open up congestion around 170.00. Continuation beneath here will add weight to sentiment and confirm a near-term top in place at the 173.90 current year high of 28 July, as late-July losses extend initially to 169.00.