Chart EUR/JPY Update: Higher in consolidation from 177.82 low
Edging higher as consolidation at the 178.00 level gives way to bounce towards 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
01:10 GMT - Edging higher as consolidation at the 178.00 level gives way to bounce towards resistance at the 179.35/50 August low and congestion area. Daily studies have turned up to unwind oversold readings and suggest scope for break of the latter to open up room to strong resistance at the 180.00/180.80 figure and February low which is expected to cap. Corrective gains are expected to give way to fresh selling pressure later. Break of the 178.00/177.82 area see will further extend the April losses to retrace gains from the February 2025 year low towards 177.00/176.00 congestion area.