Chart USD/JPY Update: Under pressure
The anticipated minor test above resistance at 146.00 has not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 148.50 | ** | 76.4% ret of Mar-Apr fall | S1 | 144.00 | * | congestion | |
| R3 | 148.00 | ** | break level | S2 | 142.80 | * | 13 Jun (w) low | |
| R2 | 146.00 | * | break level | S3 | 142.00/10 | ** | cong; 27 May (m) low | |
| R1 | 145.00 | * | congestion | S4 | 140.00 | ** | congestion |
Asterisk denotes strength of level
13:50 BST - The anticipated minor test above resistance at 146.00 has not been seen, as prices once again fell sharply. The break below 144.00 has bounced from 143.75, as oversold intraday studies flatten, with prices once again trading above 144.00. Daily readings continue to track lower, highlighting room for a later break back below 144.00. But rising weekly charts are expected to limit initial scope in consolidation above the 142.80 weekly low of 13 June, before negative monthly charts prompt further losses. Meanwhile, a close above congestion resistance at 145.00, if seen, would help to stabilise price action and prompt consolidation beneath 146.00.