Published: 2025-03-19T14:31:03.000Z
Chart USD/JPY Update: Room for higher
Senior Technical Strategist
-
Cautious trade has given way to a fresh bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.00 | * | break level | S1 | 149.00 | congestion | ||
| R3 | 151.25 | ** | 38.2% ret of Jan-Mar fall | S2 | 148.00 | * | congestion | |
| R2 | 151.00 | * | break level | S3 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R1 | 150.00 | ** | congestion | S4 | 146.00 | * | congestion |
Asterisk denotes strength of level
13:45 GMT - Cautious trade has given way to a fresh bounce, with prices once again pressuring congestion resistance at 150.00. Daily readings continue to rise, highlighting room for a break above here. But mixed/negative weekly charts are expected to limit scope in renewed selling interest towards resistance at 151.00 and the 151.25 Fibonacci retracement. Meanwhile, a close back below congestion support at 149.00, if seen, will turn sentiment neutral once again and prompt consolidation above further congestion around 148.00.