Chart USD/JPY Update: Choppy in multi-week range - background studies rising
The anticipated test below 158.00 has bounced from 157.65
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.40 | ** | 2 Sep (m) high | S1 | 158.00 | ** | congestion | |
| R3 | 160.00 | ** | congestion | S2 | 157.50 | congestion | ||
| R2 | 159.75 | ** | intraday lows | S3 | 157.00 | * | congestion | |
| R1 | 159.00 | * | congestion | S4 | 155.95/00 | ** | 50% ret; congestion |
Asterisk denotes strength of level
14:05 GMT - The anticipated test below 158.00 has bounced from 157.65, as intraday studies turn positive, with prices currently balanced around 158.50. A break will open up congestion resistance at 159.00. But mixed daily readings could limit any initial tests in fresh consolidation, before improving weekly charts prompt a break. Focus will then turn to further congestion around 160.00. However, historical congestion beneath here and negative longer-term charts should limit any tests in renewed selling interest/range extension.
Meanwhile, any immediate retests below congestion support at 158.00 should give way to fresh consolidation/range extension above further congestion around 157.00