Chart USD/JPY Update: Consolidating following intervention
Post-intervention trade from the 160.20~ current day high is settling into consolidation above 156.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.25/40 | ** | April 1990 year high | S1 | 155.00 | * | congestion | |
| R3 | 160.00/20 | ** | congestion; intraday high | S2 | 154.50 | * | congestion | |
| R2 | 158.44 | * | 29 Apr (w) high | S3 | 154.00 | * | congestion | |
| R1 | 158.00 | * | congestion | S4 | 153.00 | * | congestion |
Asterisk denotes strength of level
13:50 GMT - Post-intervention trade from the 160.20~ current day high is settling into consolidation above 156.00, as short-term indicators unwind oversold areas. Overbought daily stochastics are unwinding, suggesting potential for a fresh test of congestion support at 155.00. But the rising daily Tension Indicator should limit any immediate break in cautious trade at further congestion around 154.50. A close beneath here, however, will add fresh weight to sentiment and prompt a deeper pullback, initially to 154.00. Meanwhile, resistance is at congestion around 158.00 and extends to the 158.44 weekly high of 29 April. This area should cap any immediate tests higher.