Chart USD/JPY Update: Consolidating losses - studies under pressure
Anticipated losses have met buying interest just above support at the 150.20 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 155.00 | * | congestion | S1 | 150.45 | 27 Nov low | ||
| R3 | 154.00 | * | break level | S2 | 150.20 | ** | 38.2% ret of Sep-Nov rally | |
| R2 | 153.00 | * | break level | S3 | 150.00 | * | break level | |
| R1 | 152.00 | * | congestion | S4 | 149.00 | * | break level |
Asterisk denotes strength of level
14:20 GMT - Anticipated losses have met buying interest just above support at the 150.20 Fibonacci retracement, as oversold intraday studies unwind, with prices bouncing into consolidation beneath congestion resistance at 152.00. Rising intraday studies and a tick higher in oversold daily stochastics suggests potential for a test of 152.00. But the bearish daily Tension Indicator and unwinding overbought weekly stochastics are expected to limit any break in renewed selling interest beneath resistance at the 153.00 break level. Following cautious trade, fresh losses are looked for. However, a close below 150.20 and the 150.00 break level is needed to turn price action outright negative and extend November losses initially towards 149.00.