Chart USD/JPY Update: Under pressure
Consolidation beneath congestion resistance at 156.00 has given way to renewed selling interest
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 157.00 | break level | S1 | 154.00 | * | break level | ||
| R3 | 156.65 | ** | 76.4% ret of Jul-Sep fall | S2 | 153.27 | 19 Nov low | ||
| R2 | 156.00 | * | congestion | S3 | 152.50 | * | break level | |
| R1 | 155.00 | * | congestion | S4 | 152.00 | * | congestion |
Asterisk denotes strength of level
08:50 GMT - Consolidation beneath congestion resistance at 156.00 has given way to renewed selling interest, as overbought intraday studies unwind, with the break back below 155.00 adding weight to sentiment. Focus is turning to support at the 154.00 break level, but daily readings are turning down once again and overbought weekly stochastics are flat, suggesting potential for a later break. Focus will then turn to the 152.50 break level, where by-then oversold daily stochastics could prompt fresh consolidation. Meanwhile, a close back above congestion resistance at 155.00, if seen, will help to stabilise price action and prompt consolidation beneath 156.00.