Chart USD/JPY Update: Scope to retest 159.00
Edging higher above the 158.00 level to retest the 200-day MA as prices retains upside bias following bounce from 156.50/156.00 congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | figure, congestion | S1 | 157.00 | * | congestion | |
| R3 | 159.75 | * | 61.8% Jul/Sep fall | S2 | 156.50/00 | * | congestion | |
| R2 | 159.00 | * | congestion | S3 | 155.00 | ** | May low, congestion | |
| R1 | 158.50 | * | 200-day MA | S4 | 154.00 | * | congestion |
Asterisk denotes strength of level
00:40 GMT - Edging higher above the 158.00 level to retest the 200-day MA as prices retains upside bias following bounce from support at the 156.50/156.00 congestion. Positive daily studies suggest scope for retest of the 159.00 level. Break here, if seen, will see room to extend gains from 152.90 September low to 159.75, 61.8% Fibonacci level, then the 160.00 figure. However, gains are seen corrective and expected to give way to renewed selling pressure later. Below the 157.00 level will return focus to the downside to retest 156.50/156.00 congestion area then 155.00, May low.