Published: 2024-09-10T13:36:02.000Z
Chart USD/JPY Update: Consolidating - studies under pressure
Senior Technical Strategist
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Little change, as prices extend cautious trade around 143.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 147.20 | intraday high | S1 | 142.50 | minor congestion | |||
| R3 | 146.00 | intraday break level | S2 | 141.68 | ** | 5 Aug (m) low | ||
| R2 | 145.00 | congestion | S3 | 141.00 | ** | congestion | ||
| R1 | 144.00 | congestion | S4 | 140.50 | ** | 61.8% ret of 2023-2024 rally |
Asterisk denotes strength of level
14:20 BST - Little change, as prices extend cautious trade around 143.00. Daily readings are mixed, highlighting potential for further consolidation, before mixed/negative weekly charts prompt renewed tests lower. A later break below minor support at 142.50 will open up a retest of the 141.68 monthly low of 5 August. A close beneath here will add weight to sentiment and confirm continuation of July losses, initially to stronger support at 141.00. Meanwhile, a close above congestion resistance at 144.00, if seen, will turn sentiment neutral and give way to consolidation beneath further congestion around 145.00.