Published: 2024-12-05T00:36:32.000Z
Chart USD/JPY Update: Extending corrective bounce from 148.64 low
Technical Analyst
2
Bounce from the 148.64 low to regain the 150.00 level has seen prices reaching resistance at 151.28
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 154.00 | * | congestion | S1 | 150.00 | * | figure, congestion | |
| R3 | 153.28 | ** | 19 Nov low | S2 | 148.64 | ** | 3 Dec low | |
| R2 | 152.00 | * | congestion | S3 | 148.15 | * | 50% Sep/Nov rally | |
| R1 | 151.28 | * | 6 Nov low | S4 | 148.00 | * | congestion |
Asterisk denotes strength of level
00:30 GMT - Bounce from the 148.64 low to regain the 150.00 level has seen prices reaching resistance at 151.28. Daily studies have turned up from oversold reading and suggest room for stronger corrective bounce. Higher will see room to the 152.00 level then the strong resistance at 153.28. Corrective bounce expected to give way to renewed selling pressure later and below the 150.00 level will expose the 148.64 low to retest. Break here will open up room to the strong support at 148.15/00, 50% Fibonacci retracement and congestion area.