Chart EUR/JPY Update: Limited JPY-driven gains - background studies under pressure
Consolidation above strong support at the 177.85 current year low of 9 September and congestion around 178.00 is giving way to a JPY-driven bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 182.00 | * | break level | S1 | 177.85/00 | * | 9 Sep YTD low; cong | |
| R3 | 181.00 | * | congestion | S2 | 177.50 | * | congestion | |
| R2 | 180.00 | ** | congestion | S3 | 176.50 | * | congestion | |
| R1 | 179.35~ | ** | 3 Aug (m) low | S4 | 175.30 | ** | 38.2% ret of 2025-2026 rally |
Asterisk denotes strength of level
13:25 BST - Consolidation above strong support at the 177.85 current year low of 9 September and congestion around 178.00 is giving way to a JPY-driven bounce, with prices testing above the 179.35~ monthly low of August before settling back to 179.15. Rising intraday studies and a tick higher in oversold daily stochastics highlight room for a fresh test above 179.35. But the bearish daily Tension Indicator and negative weekly studies should limit scope in renewed selling interest/consolidation beneath congestion around 180.00.
Following cautious/corrective trade, fresh losses are looked for. Support remains at the 177.85 current year low of 9 September and congestion around 178.00. A later close beneath here will add weight to sentiment and extend losses from the 187.95 current year high of 17 April towards further congestion around 176.50.