Chart USD/JPY Update: Consolidating - studies under pressure
Little change, as prices extend cautious trade following the test of congestion support at 147.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 151.50 | ** | 61.8% ret of Jan-Apr fall | S1 | 147.00 | congestion | ||
| R3 | 151.20 | ** | 28 Mar (w) high | S2 | 146.00 | * | break level | |
| R2 | 150.00 | ** | congestion | S3 | 145.00 | * | congestion | |
| R1 | 148.00 | ** | break level | S4 | 144.00 | * | congestion |
Asterisk denotes strength of level
13:40 BST - Little change, as prices extend cautious trade following the test of congestion support at 147.00. Daily readings are bearish and overbought weekly stochastics are turning down, highlighting room for a later break beneath here. Focus will then turn to 146.00. But the rising weekly Tension Indicator and improving longer-term charts should limit any immediate tests in renewed buying interest/consolidation. A break, however, will add weight to sentiment and confirm a deeper pullback from the 150.90~ weekly high of 1 August. Meanwhile, a close above 148.00 will improve sentiment and give way to consolidation beneath congestion around 150.00.