Chart USD/JPY Update: Consolidating, room for lower later
Bounce from the 154.66 low of Monday has seen gains to the 156.00 level as prices consolidate losses from the 157.90, November current year high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.87 | ** | 10 Jan YTD high | S1 | 155.00 | * | congestion | |
| R3 | 157.90/00 | ** | 20 Nov high, congestion | S2 | 154.45 | ** | 30 Oct high | |
| R2 | 157.00 | * | congestion | S3 | 154.00 | * | congestion | |
| R1 | 156.00 | * | congestion | S4 | 153.27/00 | ** | 10 Oct high, congestion |
Asterisk denotes strength of level
00:45 GMT - Bounce from the 154.66 low of Monday has seen gains to the 156.00 level as prices consolidate losses from the 157.90, November current year high. Consolidation is expected to give way to fresh selling pressure later to retest the 155.00 level and 154.66 low. Below here will see room to strong support at the 154.45/154.00, October high and congestion area. Break of this area will open up room for deeper pullback to retrace gains from the 145.50 September low to support at the 153.27/00 area. Meanwhile, resistance at the 156.00/157.00 congestion area is expected to cap bounce attempt.