Chart USD/JPY Update: Consolidating test of 150.00
The anticipated test of congestion resistance at 150.00 has given way to a minor pullback
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 153.40 | ** | 61.8% ret of Jul-Sep fall | S1 | 148.00 | ** | congestion | |
R3 | 152.00 | ** | break level | S2 | 146.00 | congestion | ||
R2 | 150.75 | ** | 50% ret of Jul-Sep fall | S3 | 145.00 | * | break level | |
R1 | 150.00 | ** | congestion | S4 | 144.00 | congestion |
Asterisk denotes strength of level
14:25 BST - The anticipated test of congestion resistance at 150.00 has given way to a minor pullback, as intraday studies turn down, with prices currently balanced in fresh consolidation above 149.00. The rising daily Tension Indicator and overbought daily stochastics are flattening, suggesting a minor deterioration in sentiment and room for a break beneath here. Focus will then turn to congestion support at 148.00, but rising weekly charts are expected to limit any tests in fresh buying interest. A close beneath here, however, will complete a rising wedge pattern and prompt a deeper pullback towards 146.00. Meanwhile, a close above 150.00 will open up the 150.75 Fibonacci retracement, but already overbought daily stochastics could limit any initial tests in consolidation.