Chart USD/JPY Update: Extend corrective bounce from 144.55 low
Extending bounce from the 144.55 low as prices unwind the oversold intraday and daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 151.00/20 | ** | congestion, 28 Mar high | S1 | 146.54 | * | Mar low | |
| R3 | 150.00 | * | congestion | S2 | 146.00 | * | congestion | |
| R2 | 148.64/70 | ** | Dec low, congestion | S3 | 144.55 | ** | 4 Apr YTD low | |
| R1 | 148.00 | * | congestion | S4 | 144.15 | * | 76.4% Sep/Jan rally |
Asterisk denotes strength of level
01:00 GMT - Extending bounce from the 144.55 low as prices unwind the oversold intraday and daily studies. Choppy trade has since reached the 148.00 congestion and clearance here will see room to strong resistance at the 148.64/70 area which is expected to cap. Break here, if seen, will see scope for stronger bounce to the 150.00 congestion. However, gains are seen corrective and expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 146.54/146.00 area which now underpin. Break here will open up room for retest of the 144.55 low and see scope for extension to the 144.15, 76.4% Fibonacci level.