Chart EUR/JPY Update: Room for stronger corrective gains
Higher in consolidation from the 178.00 level to retest resistance at the 179.35/50, August low and congestion area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 182.00 | ** | May low | S1 | 177.82 | ** | 14 Sep YTD low | |
| R3 | 180.80 | ** | Feb low | S2 | 177.00 | * | congestion | |
| R2 | 180.00 | * | figure, congestion | S3 | 176.00 | * | congestion | |
| R1 | 179.35/50 | ** | Aug low, congestion | S4 | 175.40 | ** | Jul 2024 year high |
Asterisk denotes strength of level
01:15 GMT - Higher in consolidation from the 178.00 level to retest resistance at the 179.35/50, August low and congestion area. Daily studies remains positive and suggest scope for break here to open up room for stronger gains to retrace losses from the 186.00 high to strong resistance at the 180.00/180.80, figure and February low. Corrective gains are expected to give way to fresh selling pressure later and break of the 178.00/177.82 support will further extend the broader April losses to retrace gains from the February 2025 year low. Lower will see room towards 177.00/176.00 congestion area.