Chart USD/JPY Update: Leaning lower
Anticipated minor gains failed to appear, with prices posting a fresh test below the 150.92 monthly high of 1 August
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 154.40 | ** | 76.4% ret of Jan-Apr fall | S1 | 150.92 | ** | 1 Aug (m) high | |
| R3 | 154.00 | ** | congestion | S2 | 150.00 | ** | congestion | |
| R2 | 153.27 | ** | 10 Oct YTD high | S3 | 149.00 | * | congestion | |
| R1 | 152.00 | congestion | S4 | 148.00 | * | break level |
Asterisk denotes strength of level
13:55 BST - Anticipated minor gains failed to appear, with prices posting a fresh test below the 150.92 monthly high of 1 August, before settling into consolidation around 151.00. Daily readings are under pressure and overbought weekly stochastics are turning down, highlighting room for fresh losses in the coming sessions. A break back below 150.92 will open up congestion around 150.00. The rising weekly Tension Indicator should limit any extension beneath here in renewed buying interest/consolidation above 149.00. Meanwhile, resistance remains at congestion around 152.00. A close above here would help to stabilise price action and prompt consolidation beneath critical resistance at the 153.27 current year high of 10 October.