Chart EUR/JPY Update: Balanced beneath fresh year highs - daily studies leaning lower
Little change, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 171.00 | break level | S1 | 169.00 | * | congestion | ||
| R3 | 170.50 | ** | 76.4% ret of 2024 fall | S2 | 168.00 | ** | break level | |
| R2 | 170.00 | congestion | S3 | 166.00 | * | congestion | ||
| R1 | 169.80~ | * | 27 Jun YTD high | S4 | 165.00 | * | break level |
Asterisk denotes strength of level
14:10 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath resistance at the 169.80~ fresh year high of 27 June and congestion around 170.00. Daily readings are under pressure, suggesting potential for a test below congestion support at 169.00. But mixed/positive weekly charts and improving longer-term readings are expected to limit scope in renewed buying interest above 168.00. Following cautious trade, fresh gains are looked for. But a close above strong resistance at the 170.50 Fibonacci retracement is needed to turn sentiment positive and confirm continuation of August 2024 gains.