Chart USD/JPY Update: Lower in JPY-driven trade
The anticipated test above congestion resistance at 160.00 has been pushed back from 160.40 in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.90/00 | ** | 76.4% ret; congestion | S1 | 159.50 | * | congestion tops | |
| R3 | 161.00 | congestion | S2 | 159.00 | congestion | |||
| R2 | 160.60 | ** | 61.8% ret of Jul-Aug fall | S3 | 158.50 | * | range highs | |
| R1 | 160.00 | * | congestion | S4 | 158.00 | * | congestion |
Asterisk denotes strength of level
14:05 BST - The anticipated test above congestion resistance at 160.00 has been pushed back from 160.40 in JPY-driven trade, with prices falling steadily to support at 159.50. Intraday studies are bearish and overbought daily stochastics are turning down, highlighting room for a break and continuation to congestion support at 159.00. However, the rising daily Tension Indicator should limit any immediate break in consolidation above 158.50, before mixed/negative weekly charts and bearish longer-term readings prompt further losses.
Meanwhile, a close above 160.60 will open up strong resistance at the 160.60 Fibonacci retracement. But renewed selling interest is expected to appear towards here.