Chart USD/JPY Update: Extending choppy trade
The retest above congestion resistance at 145.00 has met selling interest at 145.45
| 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 | 142.00 | ** | congestion | |
| R2 | 146.00 | * | break level | S3 | 140.50 | ** | 61.8% ret of 2023-2024 rally | |
| R1 | 145.00 | * | congestion | S4 | 140.00 | congestion |
Asterisk denotes strength of level
14:00 BST - The retest above congestion resistance at 145.00 has met selling interest at 145.45, as intraday studies turn down, with prices falling back once again to currently trade around 144.65. A pullback towards congestion support at 144.00 is possible. But rising daily readings and bullish weekly charts are expected to limit any tests in renewed buying interest. Following cautious trade, fresh gains are looked for. A later close above 145.00 will open up 146.00. A further close above here will improve sentiment and target stronger resistance within 148.00 - 148.50. Meanwhile, a close below 144.00, if seen, will help to stabilise price action and prompt consolidation above congestion support at 142.00.