Chart USD/JPY Update: Potential for a retest above 157.00
The anticipated test above congestion resistance at 157.00 has been pushed back from 157.30
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | congestion | S1 | 156.00 | * | congestion | |
| R3 | 158.88 | ** | 10 January 2025 (y) high | S2 | 155.00 | * | break level | |
| R2 | 157.90/00 | * | 20 Nov (m) high; break level | S3 | 154.34 | * | 5 Dec (m) low | |
| R1 | 157.00 | minor congestion | S4 | 154.00 | * | congestion |
Asterisk denotes strength of level
13:35 GMT - The anticipated test above congestion resistance at 157.00 has been pushed back from 157.30, as intraday studies turn down, with prices currently balanced around 156.85. Daily readings are positive, suggesting room for a retest above here. But bearish weekly charts are expected to limit scope in renewed selling interest beneath strong resistance at the 157.90 monthly high of 20 November and the 158.00 break level. Following corrective trade, fresh losses are looked for. A close below congestion support at 156.00 will add weight to sentiment and open up 155.00. However, a further close below the 154.34 monthly low of 5 December is needed to turn sentiment negative and confirm continuation of late-November losses.