Published: 2024-12-18T14:22:52.000Z
Chart USD/JPY Update: Consolidating
Senior Technical Strategist
1
The anticipated minor test lower has bounced from above support at 153.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 156.65 | ** | 76.4% ret of Jul-Sep fall | S1 | 153.00 | * | break level | |
| R3 | 156.00 | * | congestion | S2 | 152.00 | * | congestion | |
| R2 | 155.00 | * | congestion | S3 | 150.00 | * | break level | |
| R1 | 154.00 | * | break level | S4 | 149.00 | * | break level |
Asterisk denotes strength of level
14:05 GMT - The anticipated minor test lower has bounced from above support at 153.00, as oversold intraday studies unwind, with prices currently balanced around 153.75. The daily Tension Indicator continues to rise, suggesting potential for a fresh test above resistance at 154.00. But flat overbought daily stochastics and mixed weekly charts are expected to limit initial scope in renewed consolidation beneath congestion around 155.00. Meanwhile, any immediate tests below 153.00 should give way to consolidation above congestion around 152.00.