Published: 2024-11-29T14:26:52.000Z
Chart USD/JPY Update: Room for lower in the coming sessions
Senior Technical Strategist
3
Cautious trade has given way to a sharp drop, breaking below 150.00/20 to reach 149.53
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 155.00 | * | congestion | S1 | 150.20 | ** | 38.2% ret of Sep-Nov rally | |
| R3 | 154.00 | * | break level | S2 | 150.00 | * | break level | |
| R2 | 153.00 | * | break level | S3 | 149.53 | intraday low | ||
| R1 | 152.00 | * | congestion | S4 | 149.00 | * | break level |
Asterisk denotes strength of level
14:05 GMT - Cautious trade has given way to a sharp drop, breaking below 150.00/20 to reach 149.53. The subsequent bounce has reached 150.00/20, where fresh consolidation is developing. Daily readings remain under pressure and overbought weekly stochastics are turning down, highlighting room for further losses in the coming sessions. A close below 150.00/20 will add weight to sentiment and extend November losses towards 149.00. However, continuation towards the 148.15 Fibonacci retracement cannot be ruled out. Meanwhile, resistance remains up to congestion around 152.00 and should cap any immediate tests higher.