Chart USD/JPY Update: Under pressure
The anticipated pullback from 157.00 is extending
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.88 | ** | 10 Jan YTD high | S1 | 155.00 | * | break level | |
| R3 | 157.90/00 | * | 20 Nov (m) high; break level | S2 | 154.34 | * | 5 Dec (w) low | |
| R2 | 157.00 | minor congestion | S3 | 154.00 | * | break level | ||
| R1 | 156.00 | * | congestion | S4 | 153.15 | ** | 38.2% ret of Sep-Nov rally |
Asterisk denotes strength of level
13:40 GMT - The anticipated pullback from 157.00 is extending, with the break below 156.00 adding weight to sentiment and putting focus on support at the 155.00 break level. Daily readings are turning down and broader weekly charts are mixed/negative, highlighting room for further losses in the coming sessions. A break below 155.00 will add weight to sentiment and open up the 154.34 weekly low of 5 December. A further close beneath here will confirm continuation of late-November losses, as 154.00 then attracts, ahead of the 153.15 Fibonacci retracement. Meanwhile, a close back above congestion resistance at 156.00, if seen, will help to stabilise price action and prompt consolidation beneath 157.00.