Published: 2025-05-07T13:13:53.000Z
Chart USD/JPY Update: Edging higher in range
Senior Technical Strategist
1
The anticipated drift down to congestion support at 142.00 has bounced from 142.30
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 146.00 | break level | S1 | 142.00 | * | congestion | ||
| R3 | 145.55 | ** | 50% ret of Mar-Apr fall | S2 | 141.00 | * | congestion | |
| R2 | 145.00 | * | congestion | S3 | 140.50 | ** | 61.8% ret of 2023-2024 rally | |
| R1 | 144.00 | * | congestion | S4 | 140.00 | * | congestion |
Asterisk denotes strength of level
13:55 BST - The anticipated drift down to congestion support at 142.00 has bounced from 142.30, as intraday studies turn higher, with prices currently trading around 143.30. Continuation towards congestion resistance at 144.00 cannot be ruled out. But unwinding overbought daily stochastics and the flattening positive daily Tension Indicator are expected to limit any initial tests in consolidation. Meanwhile, support remains at 142.00. An unexpected break beneath here should give way to consolidation above further congestion around 141.00.