Chart USD/JPY Update: Range extension - any gains to remain limited
Little change, as prices extend consolidation within the 147.00 - 148.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.00 | ** | congestion | S1 | 147.00 | * | congestion | |
| R3 | 149.00 | congestion | S2 | 146.00 | ** | break level | ||
| R2 | 148.50~ | 12 Aug (w) high | S3 | 145.00 | * | congestion | ||
| R1 | 148.00 | ** | break level | S4 | 144.00 | * | congestion |
Asterisk denotes strength of level
13:55 BST - Little change, as prices extend consolidation within the 147.00 - 148.00 range. Intraday studies have turned higher once again and oversold daily stochastics are unwinding, highlighting room for a test of resistance at 148.00. But the flat daily Tension Indicator and mixed weekly charts are expected to limit any break in renewed consolidation within resistance at the 148.50 weekly high of 12 August and congestion around 149.00. Meanwhile, a break below congestion support at 147.00 would open up 146.00. A further close beneath here would turn sentiment negative and complete a multi-week distribution pattern, as August losses then target 145.00.