Chart USD/JPY Update: Extending cautious trade - any gains to remain limited
Little change, as prices extend cautious trade above congestion support at 148.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.00 | * | break level | S1 | 148.00 | * | congestion | |
| R3 | 151.00 | * | break level | S2 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R2 | 150.00 | ** | congestion | S3 | 146.00 | * | congestion | |
| R1 | 149.00 | congestion | S4 | 145.00 | congestion |
Asterisk denotes strength of level
14:05 GMT - Little change, as prices extend cautious trade above congestion support at 148.00. Intraday studies are under pressure, highlighting potential for a test beneath here. But rising daily readings are expected to limit initial scope in renewed consolidation above the 147.00 Fibonacci retracement, before mixed/negative weekly charts prompt further losses. A close beneath here, not yet seen, would add weight to sentiment and extend January losses initially towards congestion around 146.00. Meanwhile, resistance remains at congestion around 149.00. A break above here will open up further congestion around 150.00, where fresh selling interest is expected to appear.