Chart USD/JPY Update: Turned up in consolidation from 148.55/09 lows
No follow-through on break of the 148.55 low and bounce from the 148.09 low see prices consolidating losses from the 154.80 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.55 | * | 200-day MA | S1 | 148.55 | * | 25 Feb low | |
| R3 | 152.00 | * | congestion | S2 | 148.00 | * | congestion | |
| R2 | 151.00/30 | ** | congestion, 3 Mar high | S3 | 147.35 | * | 8 Oct low | |
| R1 | 150.00 | * | congestion | S4 | 146.95 | * | 61.8% Sep/Jan rally |
Asterisk denotes strength of level
00:50 GMT - No follow-through on break of the 148.55 low and bounce from the 148.09 low see prices consolidating losses from the 154.80 high. Bounce see prices unwinding oversold intraday studies with resistance starting at 150.00 congestion. Higher will open up room for stronger bounce to the 151.00/30 resistance where fresh selling pressure can be expected. Consolidation seen giving way to retest of the 148.55/148.09 lows later and break here will see room for deeper pullback to retrace the September/January rally. Lower will see scope to the 148.00 congestion and 147.35 support.