Published: 2024-10-29T01:00:32.000Z
Chart USD/JPY Update: Consolidating test of 153.40/154.00 resistance
Technical Analyst
2
No follow-through on break above the 153.40 Fibonacci level as prices settled back in consolidation below the 154.00 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 156.00 | * | congestion | S1 | 152.00 | * | congestion | |
| R3 | 155.22 | * | 30 Jul high | S2 | 151.45 | * | 25 Oct low | |
| R2 | 154.00 | * | congestion | S3 | 151.00 | * | congestion | |
| R1 | 153.40 | * | 61.8% Jul/Sep fall | S4 | 150.00 | ** | figure, congestion |
Asterisk denotes strength of level
00:50 GMT - No follow-through on break above the 153.40 Fibonacci level as prices settled back in consolidation below the 154.00 resistance. However, the bullish structure suggest scope to further extend gains from the September low. Break above the 154.00 level will open up further extension to the 155.00/22 area. Meanwhile, support is raised to the 152.00 level and this extend to the 151.45, Friday's low. This area should underpin and sustain the bullish momentum. Failure will fade the upside pressure and see room for deeper pullback to the 150.00 figure.