Chart USD/JPY Update: Balanced above strong support - studies remain under pressure
Choppy trade has tested strong support at the 155.95 Fibonacci retracement and congestion around 156.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 159.75 | ** | intraday lows | S1 | 155.95/00 | ** | 50% ret; congestion | |
| R3 | 159.00 | * | congestion | S2 | 155.25 | ** | 61.8% ret of Sep rally | |
| R2 | 158.00 | ** | congestion | S3 | 155.00 | minor congestion | ||
| R1 | 157.00 | * | congestion | S4 | 154.35 | ** | 76.4% ret of Sep rally |
Asterisk denotes strength of level
13:40 BST - Choppy trade has tested strong support at the 155.95 Fibonacci retracement and congestion around 156.00, before settling into further choppy trade within the broad 155.95/00 - 157.00 range. Intraday studies are bearish and both daily and weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break below 155.95/00 will add weight to already bearish price action and initially open up a test of the 155.25 retracement.
Meanwhile, resistance is lowered to congestion around 157.00. A close above here, if seen, will help to stabilise sentiment and prompt fresh consolidation beneath further congestion around 158.00.