Chart USD/JPY Update: Leaning lower in range
Consolidation has given way to a drift down to congestion support at 142.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 148.00 | * | congestion | S1 | 142.00 | * | congestion | |
| R3 | 146.00 | * | congestion | S2 | 141.00 | * | congestion | |
| 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
14:25 BST - Consolidation has given way to a drift down to congestion support at 142.00, where prices are settling into fresh consolidation. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and extend January losses initially to further congestion around 141.00. Flattening oversold daily stochastics, however, could limit any initial tests in short-covering/consolidation. Meanwhile, resistance remains up to congestion around 144.00. A break above here should be limited in consolidation beneath 145.00.