Published: 2025-01-28T08:56:46.000Z
Chart USD/JPY Update: Smart bounce, but gains to remain limited
Senior Technical Strategist
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The anticipated break below 155.00 has bounced smartly from the 153.75 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.00 | * | congestion | S1 | 155.00 | * | congestion | |
| R3 | 157.00 | * | congestion | S2 | 153.75 | ** | 50% ret of Dec-Jan rally | |
| R2 | 156.75 | 23 Jan high | S3 | 153.00 | ** | congestion | ||
| R1 | 156.00 | * | congestion | S4 | 152.55 | ** | 61.8% ret of Dec-Jan rally |
Asterisk denotes strength of level
08:45 GMT - The anticipated break below 155.00 has bounced smartly from the 153.75 Fibonacci retracement, as oversold intraday studies unwind, with steady gains reaching 156.00 before settling into consolidation. Oversold daily stochastics are flattening, suggesting potential for a test above here. But the negative daily Tension Indicator and deteriorating weekly charts are expected to limit scope in renewed selling interest beneath congestion resistance at 157.00. Following cautious trade, fresh losses are looked for. A later close below 153.75 will add weight to sentiment and extend January losses towards 153.00.