FX August 31, 2023 / 12:50 am UTC

Chart USD/JPY Update: Room to extend pullback from 147.38 high

By PakLai Ng


3 Nov high
30 Aug low
R2147.38**29 Aug YTD high
S3144.54*23 Aug low
R1146.56*17 Aug high
S4143.90*3 Aug high

Asterisk denotes strength of level

00:45 GMT - Still limited below the 146.00 level but pressure building on the downside and see room to extend rejection from the 147.38 high.  Daily studies have turned negative and suggest consolidation to give way to deeper pullback to the 145.00 level then the strong support area at the 144.54/144.00 area. Break here will turn focus lower to the 142.00/141.50 area. Meanwhile, resistance is lowered to 146.56 ahead of the 147.38 high. 

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