Chart EUR/JPY Update: Leaning lower in range
Cautious trade has given way to the anticipated drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 179.00 | * | congestion | S1 | 176.00 | ** | congestion | |
| R3 | 178.45~ | 4 Nov high | S2 | 175.30 | ** | 38.2% ret of 2025-2026 rally | ||
| R2 | 178.00 | * | congestion | S3 | 175.00 | ** | congestion | |
| R1 | 177.00 | * | congestion | S4 | 174.00 | * | congestion |
Asterisk denotes strength of level
14:20 GMT - Cautious trade has given way to the anticipated drift lower, with the break below 177.00 adding weight to sentiment and giving way to consolidation around 176.65. Overbought daily stochastics are unwinding, suggesting room for continuation down to congestion support at 176.00. But the positive daily Tension Indicator and improving weekly charts should limit any immediate break in renewed consolidation above strong support at the 175.30 Fibonacci retracement.
Meanwhile, resistance is lowered to 177.00. A close back above here would help to stabilise price action and give way to consolidation beneath further congestion around 178.00. A further close above here will help to improve sentiment and extend late-October gains towards further congestion around 179.00.