Chart USD/JPY Update: Choppy in range
Choppy USD-driven trade has given way to a retest below congestion support at 158.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.40 | ** | 2 Sep (m) high | S1 | 158.00 | ** | congestion | |
| R3 | 160.00 | ** | congestion | S2 | 157.50 | congestion | ||
| R2 | 159.75 | ** | intraday lows | S3 | 157.00 | * | congestion | |
| R1 | 159.00 | * | congestion | S4 | 155.95/00 | ** | 50% ret; congestion |
Asterisk denotes strength of level
14:00 GMT - Choppy USD-driven trade has given way to a retest below congestion support at 158.00, before bouncing back into consolidation beneath 158.50. Intraday studies are rising, suggesting potential for a test of congestion resistance at 159.00. But mixed daily readings could limit any initial tests in fresh consolidation, before rising weekly charts prompt a break. A close above 159.00 would improve sentiment and extend September gains towards further congestion around 160.00.
Meanwhile, a close back below congestion support at 158.00 would give way to consolidation/range extension above further congestion around 157.00.