Chart USD/JPY Update: Under pressure
The anticipated break below 147.00 has met buying interest around 146.30
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.00 | ** | congestion | S1 | 146.00 | ** | break level | |
| R3 | 149.00 | congestion | S2 | 145.40 | ** | 50% ret of Apr-Aug rally | ||
| R2 | 148.00 | * | break level | S3 | 145.00 | * | congestion | |
| R1 | 147.00 | ** | range lows | S4 | 144.00/10 | * | congestion; 61.8% ret |
Asterisk denotes strength of level
14:20 BST - The anticipated break below 147.00 has met buying interest around 146.30, as oversold intraday studies flatten, with prices currently trading around 146.80. Daily stochastics continue to track lower and the daily Tension Indicator is also coming under pressure, highlighting a deterioration in sentiment and room for further losses in the coming sessions towards support at 146.00. A break beneath here will add weight to sentiment and complete a multi-week distribution pattern within 147.00-148.00, as August losses then focus on the 145.40 Fibonacci retracement. Meanwhile, a close back above 147.00, if seen, will help to stabilise price action once again and prompt consolidation beneath 148.00.