Chart USD/JPY Update: Choppy in range
The anticipated test back above 149.00 has been pushed back sharply from beneath congestion resistance at 150.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 151.25 | ** | 38.2% ret of Jan-Mar fall | S1 | 148.00 | * | congestion | |
| R3 | 151.00 | * | break level | S2 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R2 | 150.00 | ** | congestion | S3 | 146.50 | * | break level | |
| R1 | 149.00 | congestion | S4 | 146.00 | * | congestion |
Asterisk denotes strength of level
14:10 GMT - The anticipated test back above 149.00 has been pushed back sharply from beneath congestion resistance at 150.00, as intraday studies turn down, with prices currently trading just below 149.00. Overbought daily stochastics are unwinding, suggesting potential for a drift down to congestion support at 148.00. But the rising daily Tension Indicator is expected to limit any initial tests in further consolidation, before negative weekly charts prompt a break and extend losses towards critical support at the 147.00 Fibonacci retracement. Meanwhile, any fresh tests higher should be limited in selling interest beneath 150.00.