Published: 2025-07-31T01:31:51.000Z
Chart EUR/JPY Update: Still room for deeper pullback
Technical Analyst
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Break of the 171.00/170.80 support further retrace the strong May/July rally to reach 170.40 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 174.50 | * | congestion | S1 | 170.40 | 30 Jul low | ||
| R3 | 173.90/00 | ** | 28 Jul YTD high, congestion | S2 | 170.00 | * | congestion | |
| R2 | 173.00 | * | congestion | S3 | 168.45 | * | 1 Jul low | |
| R1 | 172.00 | * | congestion | S4 | 168.00 | * | 38.2% May/Jul rally |
Asterisk denotes strength of level
01:25 GMT - Break of the 171.00/170.80 support further retrace the strong May/July rally to reach 170.40 low. Consolidation here see prices unwinding oversold intraday studies but this is expected to give way to further losses later as negative daily and weekly studies weigh. Lower will see room to the 170.00 level then the strong support at 168.45/168.00 area and 38.2% Fibonacci level. Meanwhile, resistance is lowered to the 172.00 level which should cap and sustain losses from the 173.90 high.