Chart USD/JPY Update: Room for lower
The anticipated break below 156.00 has reached 155.10~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 159.00 | * | congestion | S1 | 155.00 | * | break level | |
| R3 | 158.00 | * | break level | S2 | 154.00 | * | congestion | |
| R2 | 157.50 | * | congestion | S3 | 153.00 | congestion | ||
| R1 | 156.00 | * | congestion | S4 | 152.10~ | ** | 27 Jan YTD low |
Asterisk denotes strength of level
09:15 GMT - The anticipated break below 156.00 has reached 155.10~, where flat oversold intraday studies are prompting a bounce into consolidation around 155.30. Rising daily studies are flattening and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break below support at 155.00 will add weight to sentiment and open up congestion around 154.00. However, already oversold intraday studies could limit any immediate tests in consolidation, before further losses unfold. Meanwhile, resistance is lowered to congestion around 156.00. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 157.50.