Published: 2024-09-10T01:16:54.000Z
Chart USD/JPY Update: Scope to extend corrective bounce
Technical Analyst
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Range-bound in consolidation from the 142.00/141.69 lows
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 147.20 | ** | 3 Sep high | S1 | 142.00 | * | congestion | |
| R3 | 146.00/50 | * | Feb, Mar lows | S2 | 141.69 | ** | 5 Aug low | |
| R2 | 145.00/20 | * | congestion | S3 | 140.80 | * | 2 Jan YTD low | |
| R1 | 144.00 | * | congestion | S4 | 140.25 | ** | Dec low |
Asterisk denotes strength of level
01:10 GMT - Range-bound in consolidation from the 142.00/141.69 lows as prices unwind the oversold intraday studies. The daily chart are stretched as well and suggest scope for bounce to retrace losses from the 147.20 high of last week. Regaining the 144.00 level will open up stronger gains to the 145.00/20 area and possibly to the 146.00 level. However, corrective gains are expected to given way to renewed selling pressure later to retest the 142.00/141.69 support. Break here will open up further extension to retest the 140.80, 2 Jan YTD low, then the 140.25 low of December.