Chart USD/JPY Update: Higher in range - studies improving
The anticipated test of 144.00 has extended to congestion resistance at 145.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 146.85 | ** | 61.8% ret of Mar-Apr fall | S1 | 144.00 | * | congestion | |
| R3 | 146.00 | break level | S2 | 142.00 | * | congestion | ||
| R2 | 145.55 | ** | 50% ret of Mar-Apr fall | S3 | 141.00 | * | congestion | |
| R1 | 145.00 | * | congestion | S4 | 140.50 | ** | 61.8% ret of 2023-2024 rally |
Asterisk denotes strength of level
13:55 BST - The anticipated test of 144.00 has extended to congestion resistance at 145.00, where unwinding overbought intraday studies are prompting a short-term pullback. Daily readings have turned mixed/positive and oversold weekly stochastics are rising, highlighting room for still further strength in the coming sessions. A close above 145.00 will help to improve sentiment. But a further close above the 145.55 Fibonacci retracement is needed to turn sentiment positive and confirm continuation of late-April gains, initially to 146.00. Meanwhile, support is raised to congestion around 144.00 and should underpin any immediate setbacks.