Chart EUR/JPY Update: Fresh year lows in JPY-dominant trade
Cautious trade has given way to anticipated losses
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 179.50 | range highs | S1 | 176.00 | ** | congestion | ||
| R3 | 179.00 | * | congestion | S2 | 175.50~ | fresh year low | ||
| R2 | 178.00 | * | congestion | S3 | 175.30 | ** | 38.2% ret of 2025-2026 rally | |
| R1 | 177.00 | * | congestion | S4 | 175.00 | * | congestion |
Asterisk denotes strength of level
14:10 BST - Cautious trade has given way to anticipated losses, with prices posting a fresh year low around 175.50 in JPY-dominant trade, before bouncing into consolidation around 176.00. Daily readings have turned bearish and broader weekly and longer-term charts are also under pressure, highlighting room for further losses in the coming sessions. A break back below congestion support at 176.00 will add weight to sentiment and extend April losses towards the 175.30 Fibonacci retracement. A later close beneath here will prompt a deeper retracement below 175.00.
Meanwhile, resistance is lowered to congestion around 177.00. An unexpected close above here will help to stabilise sentiment and prompt fresh range extension beneath further congestion around 178.00.