Published: 2025-03-13T01:00:00.000Z
Chart USD/JPY Update: Scope to extend corrective bounce
Technical Analyst
1
Saw corrective bounce above the 148.55 resistance to reach towards the 149.33 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 151.00/30 | ** | congestion, 3 Mar high | S1 | 146.95 | * | 61.8% Sep/Jan rally | |
| R3 | 150.00 | * | congestion | S2 | 146.00 | * | congestion | |
| R2 | 149.33 | * | 6 Mar high | S3 | 145.00 | * | congestion | |
| R1 | 148.55 | * | Feb low | S4 | 144.15 | * | 76.4% Sep/Jan rally |
Asterisk denotes strength of level
00:50 GMT - Saw corrective bounce above the 148.55 resistance to reach towards the 149.33 resistance. Daily studies are unwinding the oversold readings and suggest room for stronger corrective bounce. Above the 149.00/33 resistance will see room to the 150.00 level then the strong resistance at the 151.00/30 area. Correction expected to give way to fresh selling pressure later and break of the 146.95 Fibonacci level and 146.55 will extend losses from the January high. Lower will see room to the 146.00/145.00 congestion area.