Published: 2024-10-21T13:17:14.000Z
Chart USD/JPY Update: Limited scope above 150.00
Senior Technical Strategist
2
The anticipated minor test lower to congestion support has given way to a fresh bounce
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
14:05 BST - The anticipated minor test lower to congestion support has given way to a fresh bounce, as oversold intraday studies unwind, with prices once again pressuring congestion resistance at 150.00. A test above here cannot be ruled out, but deteriorating daily readings are expected to limit scope in fresh selling interest towards the 150.75 Fibonacci retracement. In the coming sessions, a fresh test lower is looked for. A break below 149.00 would add weight to sentiment and complete a rising wedge pattern, as focus then turns to 148.00. However, rising weekly charts are expected to prompt buying interest towards here.