Chart USD/JPY Update: Choppy trade - daily studies leaning lower
Anticipated losses have reached 153.00, where mixed intraday studies are prompting cautious/choppy trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 155.88/00 | * | February high; congestion | S1 | 153.00 | congestion | ||
| R3 | 155.00 | * | congestion | S2 | 152.00 | * | congestion | |
| R2 | 154.40 | ** | 76.4% ret of Jan-Apr fall | S3 | 151.00 | break level | ||
| R1 | 154.00 | * | break level | S4 | 150.00 | ** | congestion |
Asterisk denotes strength of level
11:30 GMT - Anticipated losses have reached 153.00, where mixed intraday studies are prompting cautious/choppy trade. Daily stochastics and the daily Tension Indicator are under pressure, highlighting room for further losses, with a break below 153.00 opening up congestion around 152.00. However, mixed/positive weekly charts should limit any tests in renewed buying interest/consolidation. Meanwhile, resistance is lowered to the 154.00 break level and extends to stronger resistance at the 154.40 Fibonacci retracement. A close above here, not yet seen, will improve sentiment and extend April gains towards congestion around 155.00. Beyond here is the 155.88 high of February and congestion around 156.00.