Chart USD/JPY Update: Consolidating below 154.40/48 highs
Limited on break of support at the 153.27/00 area and bounce from the 152.95 low see prices back to consolidate at the 154.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 156.00 | * | congestion | S1 | 153.27/00 | ** | 10 Oct high, congestion | |
| R3 | 155.00 | * | congestion | S2 | 152.00 | * | congestion | |
| R2 | 154.80 | * | 12 Feb high | S3 | 151.50 | * | congestion | |
| R1 | 154.40/48 | ** | 76.4%, 4 Nov high | S4 | 150.92 | ** | Aug high |
Asterisk denotes strength of level
00:45 GMT - Limited on break of support at the 153.27/00 area and bounce from the 152.95 low see prices back to consolidate at the 154.00 level. Daily and weekly studies remains overbought and see the 154.40/48 highs expected to cap. Consolidation expected to give way to fresh test of the 152.95 low and where break will open up room for deeper pullback to retrace strong gains from the 145.50, September low. Lower will see scope to the 152.00/151.50 congestion area then strong support at 150.92, August high. Above 154.40/48, if seen, will open up room for extension to 154.80/155.00 area.