Chart USD/JPY Update: Fresh year low - studies under pressure
Anticipated losses have broken below 145.00 to post a fresh year low around 144.55
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.00 | ** | congestion | S1 | 145.00 | * | congestion | |
| R3 | 149.00 | congestion | S2 | 144.55~ | * | current YTD low | ||
| R2 | 148.00 | * | congestion | S3 | 144.15 | ** | 76.4% ret of Sep-Jan rally | |
| R1 | 146.55~ | ** | 11 Mar (m) low | S4 | 143.50 | * | congestion |
Asterisk denotes strength of level
14:15 BST - Anticipated losses have broken below 145.00 to post a fresh year low around 144.55, before bouncing back into choppy trade above 145.00. Intraday studies are rising, suggesting room for a test higher. But negative daily readings and bearish weekly charts are expected to limit any break above 146.00 in renewed selling interest towards the 146.55 monthly low of 11 March. Following cautious trade, fresh losses are looked for, with the January bear trend to focus on strong support at the 144.15 Fibonacci retracement. Oversold daily stochastics could limit initial tests in consolidation, before prices extend still lower.