Chart USD/JPY Update: Consolidating - daily studies under pressure
Little change, as prices extend cautious trade above support at the 151.44 low of 25 October
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 155.00 | congestion | S1 | 151.44 | 25 Oct low | |||
| R3 | 154.00 | * | break level | S2 | 150.00 | ** | congestion | |
| R2 | 153.40 | ** | 61.8% ret of Jul-Sep fall | S3 | 149.00 | congestion | ||
| R1 | 152.00 | ** | break level | S4 | 148.00 | * | break level |
Asterisk denotes strength of level
14:15 GMT - Little change, as prices extend cautious trade above support at the 151.44 low of 25 October. Daily stochastics are falling and the daily Tension Indicator is also turning down, highlighting a deterioration in sentiment and room for deeper losses in the coming sessions. A close beneath here will add weight to already bearish price action and extend losses towards congestion around 150.00. However, rising weekly charts could prompt renewed buying interest around here. Meanwhile, a close back above resistance at the 152.00 break level would turn sentiment neutral once again and prompt consolidation beneath 153.40.