Chart USD/JPY Update: Leaning lower in JPY-dominant trade
Consolidation around congestion resistance at 158.00 has given way to a fresh pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | congestion | S1 | 157.00 | * | congestion | |
| R3 | 159.75 | ** | intraday lows | S2 | 155.95/00 | ** | 50% ret; congestion | |
| R2 | 159.00 | * | congestion | S3 | 155.25 | ** | 61.8% ret of Sep rally | |
| R1 | 158.00 | ** | congestion | S4 | 154.00 | ** | congestion |
Asterisk denotes strength of level
13:55 GMT - Consolidation around congestion resistance at 158.00 has given way to a fresh pullback, as intraday studies remain under pressure, with prices currently balanced above congestion support at 157.00. Daily studies are turning down and the positive weekly Tension Indicator is flattening, suggesting room for a break beneath here. Focus will then turn to strong support at the 155.95 Fibonacci retracement and congestion around 156.00. However, rising weekly stochastics should limit any initial tests in fresh consolidation.
Meanwhile, a close above 158.00, if seen, would help to stabilise price action and give way to consolidation/range extension beneath further congestion around 159.00.