Published: 2024-11-18T08:54:12.000Z
Chart USD/JPY Update: Limited tests higher
Senior Technical Strategist
1
The anticipated test of support at the 154.00 break level is giving way to a bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 157.00 | * | break level | S1 | 154.00 | * | break level | |
| R3 | 156.65 | ** | 76.4% ret of Jul-Sep fall | S2 | 152.50 | * | break level | |
| R2 | 156.00 | * | congestion | S3 | 152.00 | ** | break level | |
| R1 | 155.00 | * | congestion | S4 | 151.28 | ** | 6 Nov (m) low |
Asterisk denotes strength of level
08:45 GMT - The anticipated test of support at the 154.00 break level is giving way to a bounce, as oversold intraday studies unwind, with prices once again within reach of congestion resistance at 155.00. A test above here cannot be ruled out, but negative daily readings and flat overbought weekly stochastics are expected to prompt renewed selling interest beneath further congestion around 156.00. Following cautious trade, further losses are looked for. A later close below 154.00 will add fresh weight to sentiment and prompt a swift fall towards 152.50.