Chart USD/JPY Update: Gains to remain limited
The pullback from resistance at 148.00 has bounced smartly from support at 147.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.92 | ** | 1 Aug (m) high | S1 | 147.00 | ** | range lows | |
| R3 | 150.00 | ** | congestion | S2 | 146.00 | ** | break level | |
| R2 | 149.00 | congestion | S3 | 145.40 | ** | 50% ret of Apr-Aug rally | ||
| R1 | 148.00 | * | break level | S4 | 145.00 | * | congestion |
Asterisk denotes strength of level
13:35 BST - The pullback from resistance at 148.00 has bounced smartly from support at 147.00, with prices once again pressuring 148.00. Intraday studies are rising and mixed daily readings are also showing signs of improvement, suggesting room for a test above here. A break above 148.00 will open up congestion resistance at 149.00. But mixed weekly charts are expected to limit any initial tests in fresh consolidation. Meanwhile, support remains at 147.00. However, a close below 146.00 would add weight to sentiment and complete a multi-week distribution pattern within 147.00-148.00, as August losses then focus on the 145.40 Fibonacci retracement.