Published: 2025-03-06T14:30:36.000Z
Chart USD/JPY Update: Under pressure
Senior Technical Strategist
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Cautious trade is giving way to a test below 148.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 151.00 | * | break level | S1 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R3 | 150.00 | ** | congestion | S2 | 146.00 | * | congestion | |
| R2 | 149.00 | congestion | S3 | 145.00 | congestion | |||
| R1 | 148.00 | * | congestion | S4 | 144.15 | ** | 76.4% ret of Sep-Jan rally |
Asterisk denotes strength of level
14:15 GMT - Cautious trade is giving way to a test below 148.00, as intraday studies turn down, with prices currently trading around 147.75. Daily readings are mixed/negative and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions, with January losses to extend initially to the 147.00 Fibonacci retracement. Continuation down to congestion around 146.00 cannot be ruled out. Meanwhile, any tests back above congestion resistance at 148.00 should meet renewed selling interest towards 149.00.