Chart USD/JPY Update: Consolidating - studies under pressure
Little change, as cautious trade extends pressure on congestion support at 158.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.40 | ** | 2 Sep (m) high | S1 | 158.00 | ** | congestion | |
| R3 | 160.00 | ** | congestion | S2 | 157.00 | congestion | ||
| R2 | 159.75 | ** | intraday lows | S3 | 156.70 | * | 38.2% ret of Sep rally | |
| R1 | 159.00 | * | congestion | S4 | 155.95/00 | ** | 50% ret; congestion |
Asterisk denotes strength of level
13:55 BST - Little change, as cautious trade extends pressure on congestion support at 158.00. Daily readings are under pressure and rising weekly studies are showing signs of flattening, suggesting room for further losses in the coming sessions. A close below 158.00 will open up further congestion around 157.00. Just lower is the 156.70 Fibonacci retracement. By-then oversold daily stochastics could limit any initial tests of this 156.70 - 157.00 range in consolidation, before a further targets strong support within 155.95/00.
Meanwhile, resistance is up to congestion around 159.00. A close above here, if seen, would improve price action and extend gains towards further congestion around 160.00.