Chart USD/JPY Update: Limited scope above 150.00
Still little change, as prices extend consolidation beneath congestion resistance at 150.00
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 153.40 | ** | 61.8% ret of Jul-Sep fall | S1 | 149.00 | congestion | ||
R3 | 152.00 | ** | break level | S2 | 148.00 | ** | congestion | |
R2 | 150.75 | ** | 50% ret of Jul-Sep fall | S3 | 146.00 | congestion | ||
R1 | 150.00 | ** | congestion | S4 | 145.00 | * | break level |
Asterisk denotes strength of level
14:35 BST - Still little change, as prices extend consolidation beneath congestion resistance at 150.00. Intraday studies are rising, highlighting potential for a test above here. But a tick lower in overbought daily stochastics and the flattening positive daily Tension Indicator are expected to limit scope in renewed selling interest beneath the 150.75 Fibonacci retracement. Following cautious trade, a fresh test lower is looked for. A break below congestion support at 149.00 will open up further congestion around 148.00. But rising weekly charts are expected to limit any tests in fresh buying interest. A further close beneath here, however, will complete a rising wedge pattern and prompt a deeper pullback towards 146.00.