Chart USD/JPY Update: Lower in both USD- and JPY-driven trade
Consolidation within the 157.50 - 158.00 range has given way to sharp USD- and JPY-driven pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | historic congestion | S1 | 156.00 | ** | congestion | |
| R3 | 159.00 | * | congestion | S2 | 155.40 | ** | 61.8% ret of Feb-Mar rally | |
| R2 | 158.00 | ** | congestion | S3 | 155.00 | ** | congestion | |
| R1 | 157.50 | ** | 19 Mar (w) low | S4 | 154.50 | congestion |
Asterisk denotes strength of level
12:45 BST - Consolidation within the 157.50 - 158.00 range has given way to sharp USD- and JPY-driven pullback, with prices bouncing sharply from congestion support at 155.00 to currently trade around 156.00. Daily readings are under pressure and broader weekly charts are turning down, highlighting room for further losses in the coming sessions. A break back below 156.00 will open up the 155.40 Fibonacci retracement, with a further close beneath here turning sentiment negative and extending late-April losses initially towards congestion around 155.00. Meanwhile, resistance remains up to 157.50 and should cap any immediate tests higher.