Chart USD/JPY Update: Choppy in broad range
The test below 146.00 has bounced from congestion support at 145.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.00 | ** | congestion | S1 | 146.00 | * | congestion | |
| R3 | 149.00 | congestion | S2 | 145.00 | * | congestion | ||
| R2 | 148.00 | * | congestion | S3 | 144.55~ | ** | 4 Apr YTD low | |
| R1 | 147.43 | 4 Apr high | S4 | 144.15 | ** | 76.4% ret of Sep-Jan rally |
Asterisk denotes strength of level
14:00 BST - The test below 146.00 has bounced from congestion support at 145.00, as intraday studies rise, with prices currently balanced in choppy trade around 146.70. Minor resistance is up to the 147.43 high of 4 April, but negative daily readings and deteriorating weekly charts are expected to limit any break in renewed selling interest beneath congestion around 148.00. Following choppy trade, fresh losses are looked for. A later break below congestion support at 146.00 will open up 145.00, with room for extension of January losses towards the 144.15 Fibonacci retracement. Already oversold daily stochastics could limit any initial tests in short-covering/consolidation.