Published: 2025-07-29T01:21:09.000Z
Chart EUR/JPY Update: Bearish outside range weighs
Technical Analyst
-
Turned down from the 173.90 high and sharp pullback signals a bearish outside range day
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 175.42 | ** | Jul 2024 multi-year high | S1 | 172.00 | * | congestion | |
| R3 | 174.50 | * | congestion | S2 | 171.37 | ** | 22, 23 Jul lows | |
| R2 | 174.00 | * | congestion | S3 | 170.80 | * | 11 Jul low | |
| R1 | 173.90 | ** | 28 Jul YTD high | S4 | 170.00 | * | congestion |
Asterisk denotes strength of level
01:15 GMT - Turned down from the 173.90 high and sharp pullback signals a bearish outside range day and suggest recent strong gains from the May low now being reversed. Daily studies are unwinding overbought readings and weighing on the 172.00 level. Break here will open up room to support at 171.37, low of last week. Break here will open up room to the 170.80/170.00 area then the 168.00 congestion. Meanwhile, resistance is lowered to the 173.00 level which should cap and sustain losses from the 173.90 high.