š EURJPY Approaches Key Technical Breakout Point
EURJPY is caught between a critical 4H support and weekly resistance, with momentum beginning to compress. The next move hinges on whether price holds the rising trendline or breaks beneath it. This update outlines the active structure, key levels, and macro narrative around JPY weakness.
š Technical Analysis:
EURJPY recently rejected from weekly resistance at 172.53 and is now sitting on the 4H support at 171.24, right above an ascending trendline. The structure remains bullish while this trendline holds, but a breakdown below 170.77 would flip the bias.
On the upside, reclaiming 172.53 opens the path toward 174.33 (Last Daily Resistance). If support gives way, expect a drop toward 166.80 or lower.
š”ļø Support Zones (if pullback continues):
š¢ 171.24 ā 4H Support (High Risk)
Immediate support. Good for tight risk scalps.
Stop-loss: Below 170.77
š” 166.89 ā 165.27 ā 1H Last Support (Medium Risk)
Strong historical base + diagonal confluence. Favorable for intraday or swing entries.
Stop-loss: Below 165.00
š¼ Resistance Levels:
š“ 172.53 ā Weekly Resistance
Key rejection point. Break above this confirms upside continuation.
š“ 174.33 ā Last Daily Resistance
Major supply zone. Bullish breakout target.
š§ Outlook:
Bullish Case:
Hold above 171.24 and break 172.53 = upside continuation toward 174.33.
Bearish Case:
Break below 170.77 and failure to reclaim = possible slide toward 166.80 and below.
Bias:
Neutralābullish while price holds above trendline. Flip bearish on close below 170.77.
š Fundamental Insight:
JPY remains weak due to BoJās ultra-loose stance. However, intervention risk remains elevated if yen depreciation becomes disorderly. Euro remains supported by ECBās hawkish tone and improving economic data. Watch for BOJ rhetoric and global yield shifts.
ā Conclusion:
EURJPY is resting at a structural pivot between 4H support and weekly resistance. A breakout in either direction will likely determine the trend into August. Bulls must defend the trendline and 171.24 to stay in control.
Not financial advice. Like & follow for more high-probability setups across FX majors.
EURJPY is caught between a critical 4H support and weekly resistance, with momentum beginning to compress. The next move hinges on whether price holds the rising trendline or breaks beneath it. This update outlines the active structure, key levels, and macro narrative around JPY weakness.
š Technical Analysis:
EURJPY recently rejected from weekly resistance at 172.53 and is now sitting on the 4H support at 171.24, right above an ascending trendline. The structure remains bullish while this trendline holds, but a breakdown below 170.77 would flip the bias.
On the upside, reclaiming 172.53 opens the path toward 174.33 (Last Daily Resistance). If support gives way, expect a drop toward 166.80 or lower.
š”ļø Support Zones (if pullback continues):
š¢ 171.24 ā 4H Support (High Risk)
Immediate support. Good for tight risk scalps.
Stop-loss: Below 170.77
š” 166.89 ā 165.27 ā 1H Last Support (Medium Risk)
Strong historical base + diagonal confluence. Favorable for intraday or swing entries.
Stop-loss: Below 165.00
š¼ Resistance Levels:
š“ 172.53 ā Weekly Resistance
Key rejection point. Break above this confirms upside continuation.
š“ 174.33 ā Last Daily Resistance
Major supply zone. Bullish breakout target.
š§ Outlook:
Bullish Case:
Hold above 171.24 and break 172.53 = upside continuation toward 174.33.
Bearish Case:
Break below 170.77 and failure to reclaim = possible slide toward 166.80 and below.
Bias:
Neutralābullish while price holds above trendline. Flip bearish on close below 170.77.
š Fundamental Insight:
JPY remains weak due to BoJās ultra-loose stance. However, intervention risk remains elevated if yen depreciation becomes disorderly. Euro remains supported by ECBās hawkish tone and improving economic data. Watch for BOJ rhetoric and global yield shifts.
ā Conclusion:
EURJPY is resting at a structural pivot between 4H support and weekly resistance. A breakout in either direction will likely determine the trend into August. Bulls must defend the trendline and 171.24 to stay in control.
Not financial advice. Like & follow for more high-probability setups across FX majors.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.