Chart USD/JPY Update: Leaning lower in range
The retest of resistance at 148.00 has not been sustained
| 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
13:45 BST - The retest of resistance at 148.00 has not been sustained, as intraday studies turn down, with steady losses currently trading around 147.30. Daily readings have ticked lower and broader weekly charts are also coming under pressure, highlighting room for further losses in the coming sessions. A break below support at 147.00 will add weight to sentiment. But a further 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. Meanwhile, any tests above 148.00 should meet selling pressure beneath congestion around 149.00.