Published: 2024-11-08T01:15:01.000Z
Chart USD/JPY Update: Lower in consolidation from 154.70 high
Technical Analyst
3
Settled back from the 154.70 high to consolidate sharp bounce from the 151.28 low and unwind overbought intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 156.00 | * | congestion | S1 | 152.50 | * | congestion | |
| R3 | 155.22 | * | 30 Jul high | S2 | 152.00 | * | congestion | |
| R2 | 154.70 | * | 6 Nov high | S3 | 151.28 | ** | 6 Nov low | |
| R1 | 154.00 | * | congestion | S4 | 150.00 | ** | figure, congestion |
Asterisk denotes strength of level
01:10 GMT - Settled back from the 154.70 high to consolidate sharp bounce from the 151.28 low and unwind overbought intraday studies. However, the bullish structure and positive daily studies suggest scope to further extend gains from the September low. Higher will see room to the 155.00/22 resistance. Meanwhile, support is at the 152.50/152.00 area then the 151.28 low which is expected to underpin. Failure here will weaken and return focus to the downside to retrace strong gains from the 139.59 low. Break will open up scope for retest of the 150.00 figure.