Published: 2026-05-08T13:26:06.000Z
Chart USD/JPY Update: Cautious trade - studies under pressure
2
Cautious trade has pushed higher to 157.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 159.00 | * | congestion | S1 | 156.00 | ** | congestion | |
| R3 | 158.00 | ** | congestion | S2 | 155.40 | ** | 61.8% ret of Feb-Mar rally | |
| R2 | 157.50 | ** | 19 Mar (w) low | S3 | 155.00 | ** | congestion | |
| R1 | 157.00 | break level | S4 | 154.50 | congestion |
Asterisk denotes strength of level
13:55 BST - Cautious trade has pushed higher to 157.00, where unwinding overbought intraday studies are prompting a pullback to 156.60. However, daily readings remain under pressure and broader weekly charts are turning down, highlighting room for further losses in the coming sessions. Support remains at congestion around 156.00. A later break will open up the 155.40 Fibonacci retracement. A further close beneath here will turn sentiment negative and extend late-April losses initially towards congestion around 155.00. Meanwhile, any immediate tests above 157.00 should meet renewed selling interest towards 157.50.