Published: 2025-01-23T14:54:26.000Z
Chart USD/JPY Update: Consolidating - background studies under pressure
Senior Technical Strategist
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The anticipated break above 155.00 is meeting selling interest beneath congestion resistance at 156.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.85 | ** | 16 Jul, 10 Jan (w) high | S1 | 156.00 | * | congestion | |
| R3 | 158.00 | * | congestion | S2 | 155.00 | * | congestion | |
| R2 | 157.00 | * | congestion | S3 | 153.75 | ** | 50% ret of Dec-Jan rally | |
| R1 | 156.75 | intraday high | S4 | 153.00 | ** | congestion |
Asterisk denotes strength of level
14:35 GMT - The anticipated break above 155.00 is meeting selling interest beneath congestion resistance at 156.00, as intraday studies turn down, with prices currently consolidating around 156.35. Daily readings are mixed, suggesting a cautious tone. But broader weekly charts continue to deteriorate, pointing to room for fresh losses in the coming sessions. A break back below 156.00 will add weight to sentiment. But a further close below 155.00 is needed to turn sentiment negative and extend January losses initially towards the 153.75 Fibonacci retracement.