Chart USD/JPY Update: Under pressure in heightened volatility
Choppy trade has posted a fresh spike lower in heightened volatility
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | historic congestion | S1 | 156.35 | ** | 50% ret of Feb-Mar rally | |
| R3 | 159.00 | * | congestion | S2 | 156.00 | ** | congestion | |
| R2 | 158.00 | ** | congestion | S3 | 155.40 | ** | 61.8% ret of Feb-Mar rally | |
| R1 | 157.50 | ** | 19 Mar (w) low | S4 | 155.00 | ** | congestion |
Asterisk denotes strength of level
09:10 BST - Choppy trade has posted a fresh spike lower in heightened volatility, with prices reaching 155.50~, before bouncing back to 156.50. Daily readings continue to point lower and broader weekly charts are coming under pressure, highlighting a deterioration in sentiment and room for fresh tests lower in the coming sessions. A close below the 156.35 Fibonacci retracement will add weight to sentiment and extend losses below congestion around 156.00 back to the 155.40 retracement. Beneath here is 155.00. Meanwhile, resistance remains at the 157.50 weekly low of 19 March and extends to congestion around 158.00. This range should cap any immediate tests higher.