Chart USD/JPY Update: Back in consolidation above 148.00
Gapped up at the open see prices back in consolidation above the 148.00 level to extend choppy trade within the 148.65/146.55 area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.92/00 | ** | Aug high, congestion | S1 | 148.00 | * | Jun high, congestion | |
| R3 | 150.00 | * | figure | S2 | 147.50 | * | 28 Aug high | |
| R2 | 149.00 | * | congestion | S3 | 146.55 | * | Mar low, congestion | |
| R1 | 148.65 | ** | May high, congestion | S4 | 146.00 | ** | congestion |
Asterisk denotes strength of level
01:00 GMT - Gapped up at the open see prices back in consolidation above the 148.00 level to extend choppy trade within the 148.65/146.55 area. Above the 148.00 level sets up scope for retest of the148.65/149.00 resistance which is expected to cap. Break here, if seen, will open up room for extension to the 150.00 level. Lower high sought to further pressure the downside later and below the 148.00 level will see room for retest of support at 147.50 then the 146.55/00 congestion. Would take break of these to open up room for deeper pullback to retrace the choppy April/August gains.