Chart USD/JPY Update: Leaning lower
No follow-through on break above the 158.00 level and channel resistance as prices settled back from the 158.35 mid-week high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | figure, congestion | S1 | 157.50/00 | * | congestion | |
| R3 | 159.00 | ** | congestion, 24 Sep high | S2 | 156.50 | * | congestion | |
| R2 | 158.50 | * | congestion, 200-day MA | S3 | 156.07/00 | ** | 23 Oct low, congestion | |
| R1 | 158.00 | ** | figure, congestion | S4 | 155.00 | ** | May low, congestion |
Asterisk denotes strength of level
00:50 GMT - No follow-through on break above the 158.00 level and channel resistance as prices settled back from the 158.35 mid-week high to retest support at the 157.50/157.00 congestion area. Break here will return focus to the downside for retest of the 156.07 low and threatens follow-through to retest strong support at the 155.00, May low. Meanwhile, resistance at the 158.00 level is expected to cap. Close above here needed to see retest of resistance at the 158.50 congestion and 200-day MA. Above here, if seen, will open up room for retest of the 158.95/159.00, October and 24 September highs.