Chart USD/JPY Update: Lower in range
Consolidation beneath congestion resistance at 159.50 is giving way to a drift lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | congestion | S1 | 159.00 | * | congestion | ||
| R3 | 160.60 | ** | 61.8% ret of Jul-Aug fall | S2 | 158.50 | * | range highs | |
| R2 | 160.00 | * | congestion | S3 | 158.00 | * | congestion | |
| R1 | 159.50 | * | congestion | S4 | 157.00 | ** | congestion |
Asterisk denotes strength of level
13:50 BST - Consolidation beneath congestion resistance at 159.50 is giving way to a drift lower, as intraday studies turn down, with prices currently pressuring congestion support at 159.00. A break will put focus back on support at the 158.50 range highs. But the positive daily Tension Indicator could limit any initial tests of this 158.50 - 159.00 range in consolidation, before bearish daily stochastics and negative weekly charts prompt a break. A close beneath here will add weight to sentiment and open up the 156.60 - 157.00 range.
Meanwhile, any immediate tests above 159.50 should be limited in renewed selling interest beneath further congestion around 160.00.