Chart USD/JPY Update: Minor tests higher
Choppy trade following the test of support at the 142.80 weekly low of 13 June is giving way to a sharp USD- and JPY-driven bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 148.50 | ** | 76.4% ret of Mar-Apr fall | S1 | 144.00 | * | congestion | |
| R3 | 148.00 | ** | break level | S2 | 142.80 | * | 13 Jun (w) low | |
| R2 | 146.00 | * | break level | S3 | 142.00/10 | ** | cong; 27 May (m) low | |
| R1 | 145.00 | * | congestion | S4 | 140.00 | ** | congestion |
Asterisk denotes strength of level
14:00 BST - Choppy trade following the test of support at the 142.80 weekly low of 13 June is giving way to a sharp USD- and JPY-driven bounce, with prices currently pressuring congestion resistance at 145.00. Intraday studies have ticked higher and oversold daily stochastics are unwinding, highlighting room for a test above here towards 146.00. The flat daily Tension Indicator suggests any initial tests could give way to consolidation, before improving weekly charts extend gains still further. Meanwhile, support is raised to congestion around 144.00. A close beneath here, if seen, should give way to consolidation above 142.80.