Chart USD/JPY Update: Higher within 156.00/158.00 range
Bounce to regain the 157.00 level see prices edging towards strong resistance at the 158.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 159.45 | * | Jan high | S1 | 156.50/00 | * | congestion | |
| R3 | 159.00 | * | congestion | S2 | 155.00 | ** | May low | |
| R2 | 158.40 | * | 200-day MA, 50% | S3 | 154.67 | * | 10 Sep high | |
| R1 | 158.00 | ** | congestion | S4 | 154.00 | * | congestion |
Asterisk denotes strength of level
00:50 GMT - Bounce to regain the 157.00 level see prices edging towards strong resistance at the 158.00 level where reaction is expected. Overbought daily studies suggest consolidation here needed before attempt to push higher to retrace the July/September losses. Break, if seen, will see room for extension to 158.40, 50% Fibonacci level. Higher still, will see room to the 159.00/45 area. Meanwhile, support at the 156.50/156.00 area should underpin. Would take break here open up room for retest of strong support at the 155.00, May low. Below here will return focus to the downside for retest of 154.00/153.00 congestion and lower.