Chart USD/JPY Update: Limited tests higher
Cautious trade has extended to pressure congestion resistance at 157.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | congestion | S1 | 156.00 | * | congestion | |
| R3 | 158.88 | ** | 10 January 2025 (y) high | S2 | 155.00 | * | break level | |
| R2 | 157.90/00 | * | 20 Nov (m) high; break level | S3 | 154.34 | * | 5 Dec (m) low | |
| R1 | 157.00 | minor congestion | S4 | 154.00 | * | congestion |
Asterisk denotes strength of level
13:45 GMT - Cautious trade has extended to pressure congestion resistance at 157.00. Daily stochastics and the daily Tension Indicator have ticked higher, highlighting potential for a test above here. But bearish weekly charts are expected to limit scope in renewed selling interest beneath strong resistance at the 157.90 monthly high of 20 November and the 158.00 break level. Following corrective trade, fresh losses are looked for. A close below congestion support at 156.00 will add weight to sentiment and open up 155.00. However, a further close below the 154.34 monthly low of 5 December is needed to turn sentiment negative and confirm continuation of late-November losses.