Published: 2024-12-10T00:51:37.000Z
Chart USD/JPY Update: Extending corrective bounce
Technical Analyst
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Turned up in consolidation above the 150.00 level to retest resistance at 151.28
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 154.00 | * | congestion | S1 | 150.00 | * | congestion | |
| R3 | 153.28 | ** | 19 Nov low | S2 | 149.36 | * | 6 Dec low | |
| R2 | 152.00 | * | congestion | S3 | 148.64 | ** | 3 Dec low | |
| R1 | 151.28 | * | 6 Nov low | S4 | 148.15 | * | 50% Sep/Nov rally |
Asterisk denotes strength of level
00:45 GMT - Turned up in consolidation above the 150.00 level to retest resistance at 151.28 and break here will see room to extend gains from the 148.64 low of last week. Higher will see room to the 152.00 level which is expected to cap. Clearance, if seen, will open up stronger bounce to the 153.00/28 resistance. However, gains are seen corrective with the resulting flag pattern expected to give way to renewed selling pressure later. Below the 150.00 level will open up the 149.36 and 148.64 lows to retest. Break of these will see room to further extend losses and retrace September/November rally.