Published: 2024-10-18T13:26:14.000Z
Chart USD/JPY Update: Balanced around 150.00 - studies leaning lower
Senior Technical Strategist
2
Little change, as prices extend consolidation around 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
14:10 BST - Little change, as prices extend consolidation around congestion resistance at 150.00. Intraday studies are turning down, highlighting potential for a pullback towards congestion support at 149.00. Daily readings are also under pressure, pointing to potential for still further slippage towards 148.00, where rising weekly charts are expected to prompt buying interest. A further close beneath here, however, will complete a rising wedge pattern and prompt a deeper pullback towards 146.00. Meanwhile, a close above 150.00 would turn sentiment positive and extend September gains initially to the 150.75 Fibonacci retracement.