Chart USD/JPY Update: Sharp pullback in both USD- and JPY-driven trade
Cautious trade beneath the 151.20 weekly high of 28 March has given way to sharp losses in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.00 | * | break level | S1 | 148.00 | ** | break level | |
| R3 | 151.50 | ** | 61.8% ret of Jan-Apr fall | S2 | 147.00 | congestion | ||
| R2 | 151.20 | ** | 28 Mar (w) high | S3 | 146.00 | * | break level | |
| R1 | 150.00 | ** | congestion | S4 | 145.00 | * | congestion |
Asterisk denotes strength of level
14:25 BST - Cautious trade beneath the 151.20 weekly high of 28 March has given way to sharp losses in both USD- and JPY-driven trade, with prices currently finding support above 148.00. Intraday studies are falling and the rising daily Tension Indicator is also turning down, highlighting room for deeper losses in the coming sessions. A break below 148.00 will add weight to sentiment and open up congestion around 147.00. However, oversold intraday studies could limit any initial tests in fresh consolidation. Meanwhile, resistance is lowered to congestion around 150.00 and should cap any immediate tests higher.