Published: 2024-05-09T13:06:01.000Z
Chart USD/JPY Update: Balanced beneath 156.00 - further gains to remain limited
Senior Technical Strategist
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Little change, as cautious gains give way to consolidation beneath congestion resistance at 156.00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 160.00/20 | ** | figure; 29 Apr YTD high | S1 | 155.00 | * | congestion | |
R3 | 158.44 | * | 26 Apr (w) high | S2 | 154.00 | * | congestion | |
R2 | 158.00 | * | congestion | S3 | 152.00 | ** | break level | |
R1 | 156.00 | * | congestion | S4 | 151.00 | * | break level |
Asterisk denotes strength of level
14:00 BST - Little change, as cautious gains give way to consolidation beneath congestion resistance at 156.00, as overbought intraday studies unwind. However, oversold daily stochastics are unwinding, pointing to room for a break. But negative weekly charts should limit scope in fresh selling interest towards further congestion around 158.00. Following corrective gains, fresh losses are looked for. A later break below congestion support at 155.00 will open up further congestion around 154.00. But a close below 152.00 is needed to turn sentiment negative and extend late-April losses to 151.00. Continuation down to the 150.25 Fibonacci retracement cannot be ruled out.