Chart USD/JPY Update: Leaning lower in range
The drift higher from congestion support at 158.00 has been pushed back from 158.60
| 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
13:25 BST - The drift higher from congestion support at 158.00 has been pushed back from 158.60, as overbought intraday studies unwind, with prices once again pressuring 158.00. Daily readings have turned down 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. A further close beneath here would turn sentiment negative and open up 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.