Chart USD/JPY Update: Prices remain under pressure
The anticipated break below 153.00 has bounced from above critical support at the 152.10~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 157.50 | * | congestion | S1 | 153.00 | congestion | ||
| R3 | 156.00 | * | congestion | S2 | 152.10~ | ** | 27 Jan YTD low | |
| R2 | 155.00 | * | break level | S3 | 150.85 | ** | 61.8% ret of Sep-Jan rally | |
| R1 | 154.00 | * | congestion | S4 | 150.00 | ** | break level |
Asterisk denotes strength of level
09:20 GMT - The anticipated break below 153.00 has bounced from above critical support at the 152.10~, as oversold intraday studies unwind, with prices posting a bounce into consolidation around 153.00. Daily readings are bearish and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close below the 152.10~ current year low of 27 January will confirm a near-term top in place at the 159.45 current year high of 14 January, as focus then turns to the 150.85 Fibonacci retracement. Meanwhile, resistance remains at congestion around 154.00. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 155.00.