Chart USD/JPY Update: Choppy in range
The test of congestion support at 157.00 has given way to a steady bounce in JPY-driven trade
| 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 - The test of congestion support at 157.00 has given way to a steady bounce in JPY-driven trade, with prices reaching congestion resistance at 158.00 before settling into consolidation beneath here. Daily readings are mixed, suggesting room for fresh consolidation in the coming sessions, before mixed/positive weekly charts prompt fresh gains. A later close above 158.00 will help to improve sentiment and extend gains towards further congestion around 159.00.
Meanwhile, any immediate setbacks should meet renewed buying interest towards 157.00. A close beneath here, if seen, will add weight to sentiment and open up a test of strong support at the 155.95 Fibonacci retracement and congestion around 156.00.