Published: 2025-03-18T01:05:14.000Z
Chart USD/JPY Update: Extending corrective bounce
Technical Analyst
1
Extending bounce from the 146.54 low of last week to break resistance at 149.00/33
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 153.00/15 | * | congestion, 14 Feb high | S1 | 148.55 | * | Feb low | |
| R3 | 152.00 | * | congestion | S2 | 148.00 | * | congestion | |
| R2 | 151.00/30 | ** | congestion, 3 Mar high | S3 | 147.40 | * | 13 Mar low | |
| R1 | 150.00 | * | congestion | S4 | 146.54 | ** | 11 Mar YTD low |
Asterisk denotes strength of level
01:00 GMT - Extending bounce from the 146.54 low of last week to break resistance at 149.00/33. This opens up scope for retest of the 150.00 level where clearance will see room for stronger gains to the strong resistance at the 151.00/30 area. However, gains are seen corrective and expected to give way to fresh selling pressure later. Meanwhile, support is raised to the 148.55/148.00 February low and congestion. This area now underpin and see break here and the 147.40 support needed to expose the 146.54 low to retest and further extend losses from the January high.