Chart USD/JPY Update: Higher in USD- and JPY-driven trade
The pullback to congestion support at 154.00 has given way to a steady bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.00 | ** | congestion | S1 | 154.50 | minor congestion | ||
| R3 | 156.75 | * | 4 Sep high | S2 | 154.00 | * | congestion | |
| R2 | 156.00 | * | congestion | S3 | 152.90 | * | 8 Sep (w) low | |
| R1 | 155.00/25~ | ** | cong; 3 Aug (m) low | S4 | 152.00/10 | ** | 50% ret; 27 Jan YTD low |
Asterisk denotes strength of level
14:05 BST - The pullback to congestion support at 154.00 has given way to a steady bounce, as intraday studies turn higher, with prices currently pressuring resistance at congestion around 155.00 and the 155.25 monthly low of 3 August. Oversold daily stochastics are unwinding and the bearish daily Tension Indicator is flattening, suggesting room for a test above here in USD- and JPY-driven trade. Congestion resistance at 156.00 will then attract. But negative weekly charts should limit any tests in renewed selling interest.
Meanwhile, support remains at congestion around 154.50 and extends to 154.00. A close beneath here, not yet seen, will add weight to sentiment and open up strong support at the 152.90 weekly low of 8 September.