Chart USD/JPY Update: Poised for further gains
Little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.00 | ** | congestion | S1 | 155.00 | * | congestion | |
| R3 | 156.75 | * | 4 Sep high | S2 | 154.50 | minor congestion | ||
| R2 | 156.00 | * | congestion | S3 | 154.00 | * | congestion | |
| R1 | 155.25~ | ** | 3 Aug (m) low | S4 | 152.90 | * | 8 Sep (w) low |
Asterisk denotes strength of level
14:20 BST - Little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation within the tight 155.00 - 155.25 range. Daily stochastics continue to improve and the daily Tension Indicator is turning higher, highlighting room for further gains in the coming sessions. A break above the 155.25 monthly low of 3 August will open up congestion resistance at 156.00. But negative weekly charts should limit any tests in renewed selling interest.
Meanwhile, a close back below congestion support at 155.00 will turn sentiment neutral and give way to consolidation above further congestion around 154.50.