Chart USD/JPY Update: Choppy beneath the 154.40 Fibonacci retracement
The anticipated break below congestion support at 153.00 has not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 155.88/00 | * | February high; congestion | S1 | 153.00 | * | congestion | |
| R3 | 155.00 | * | congestion | S2 | 152.00 | * | congestion | |
| R2 | 154.40 | ** | 76.4% ret of Jan-Apr fall | S3 | 151.00 | break level | ||
| R1 | 154.00 | * | break level | S4 | 150.00 | ** | congestion |
Asterisk denotes strength of level
13:40 GMT - The anticipated break below congestion support at 153.00 has not been seen, as cautious trade gives way to a fresh bounce in JPY-driven trade to resistance at 154.00. Just higher is stronger resistance at the 154.40 Fibonacci retracement. But negative daily readings and a tick lower in overbought weekly stochastics are expected to limit any initial tests in consolidation. In the coming sessions, consolidation is looked for, with support at 153.00. A break beneath here would add weight to sentiment and open up further congestion around 152.00. But the rising weekly Tension Indicator and positive longer-term charts are expected to limit any tests in consolidation. Meanwhile, a close above 154.40, not yet seen, will improve sentiment and extend April gains towards congestion around 155.00. Beyond here is the 155.88 high of February and congestion around 156.00.