Published: 2025-06-04T13:28:05.000Z
Chart USD/JPY Update: Potential for a minor test higher
Senior Technical Strategist
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The test of congestion resistance at 144.00 is giving way to a minor pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 148.00 | ** | break level | S1 | 142.00 | ** | congestion | |
| R3 | 146.00 | * | break level | S2 | 140.50 | ** | 61.8% ret of 2023-2024 rally | |
| R2 | 145.00 | * | congestion | S3 | 140.00 | congestion | ||
| R1 | 144.00 | * | congestion | S4 | 139.58 | ** | 16 Sep 2024 (y) low |
Asterisk denotes strength of level
14:15 BST - The test of congestion resistance at 144.00 is giving way to a minor pullback, as overbought intraday studies unwind, with prices currently trading around 143.65. A further drift lower towards 143.00 is highlighted. But rising daily readings should limit any break in renewed buying interest above congestion around 142.00. Following cautious trade, a fresh test above 144.00 is looked for. But mixed/negative weekly charts should prompt selling pressure towards 145.00.