Chart USD/JPY Update: Approaching 155.00 in volatile USD- and JPY-driven trade
The sharp bounce from the 151.44 low of 25 October is extending in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 157.00 | congestion | S1 | 154.00 | * | break level | ||
| R3 | 156.65 | ** | 76.4% ret of Jul-Sep fall | S2 | 152.50 | * | intraday break level | |
| R2 | 156.00 | * | congestion | S3 | 152.00 | ** | break level | |
| R1 | 155.00 | congestion | S4 | 151.44 | 25 Oct low |
Asterisk denotes strength of level
13:50 GMT - The sharp bounce from the 151.44 low of 25 October is extending in both USD- and JPY-driven trade, with prices currently trading around 154.35. Intraday studies are improving, highlighting room for continuation towards congestion resistance at 155.00. However, mixed daily readings are expected to limit any initial tests in consolidation, before rising weekly charts prompt a break. A close above here would improve price action and extend September gains towards the 156.65 Fibonacci retracement, where more significant profit-taking is expected to appear. Meanwhile, a close back below support at 154.00 would turn sentiment neutral and prompt consolidation above 152.00/50.