Chart USD/JPY Update: Choppy trade - studies remain under pressure
Little change, as falling intraday studies keep near-term sentiment under pressure
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.00 | * | congestion | S1 | 155.00 | * | congestion | |
| R3 | 157.00 | * | congestion | S2 | 153.75 | ** | 50% ret of Dec-Jan rally | |
| R2 | 156.75 | 23 Jan high | S3 | 153.00 | ** | congestion | ||
| R1 | 156.00 | * | congestion | S4 | 152.55 | ** | 61.8% ret of Dec-Jan rally |
Asterisk denotes strength of level
08:50 GMT - Little change, as falling intraday studies keep near-term sentiment under pressure and prompt cautious/choppy trade above congestion support at 155.00. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break beneath here will add weight to already bearish price action and extend January losses initially towards the 153.75 Fibonacci retracement. Still lower is 153.00. Meanwhile, resistance remains at congestion around 156.00. A close above here, if seen, will turn sentiment neutral and prompt consolidation beneath the 156.75 - 157.00 area.