Chart USD/JPY Update: Consolidating at 158.50/00 support
Rejection from the 160.00/50 resistance has seen sharp losses through 159.00 level before stabilizing at the 158.50/00 congestion area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.50 | ** | congestion | S1 | 158.50/00 | ** | congestion | |
| R3 | 160.00 | ** | figure | S2 | 157.00 | ** | congestion | |
| R2 | 159.50 | * | congestion | S3 | 156.65 | * | 7 Aug low | |
| R1 | 159.00 | * | congestion | S4 | 156.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - Rejection from the 160.00/50 resistance has seen sharp losses through 159.00 level before stabilizing at the 158.50/00 congestion area. Daily studies have turned down to unwind overbought readings and suggest strong gains from the August low now being retraced with consolidation at the 158.50/00 area expected to give way to fresh selling pressure later. Lower will open up room for deeper pullback to support at 157.00/156.65 area. Meanwhile, resistance is lowered to the 159.00/159.50 congestion area which is expected to cap and sustain losses from the 160.00/160.50 resistance.