Chart USD/JPY Update: Gains to remain limited
Still little change, as prices extend cautious gains towards congestion resistance at 152.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 155.00 | * | congestion | S1 | 150.00 | * | break level | |
| R3 | 154.00 | * | break level | S2 | 149.00 | * | break level | |
| R2 | 153.00 | * | break level | S3 | 148.64 | ** | 3 Dec (w) low | |
| R1 | 152.00 | * | congestion | S4 | 148.15 | ** | 50% ret of Sep-Nov rally |
Asterisk denotes strength of level
14:20 GMT - Still little change, as prices extend cautious gains towards congestion resistance at 152.00. Intraday studies are rising and daily readings are also showing improvement, suggesting potential for a test above here. A close above 152.00 will open up the 153.00 break level. But broader weekly charts continue to deteriorate, suggesting increased selling interest towards here and difficulty sustaining any tests. Following any limited tests higher, fresh losses are looked for. A later break below 150.00 will open up 149.00, with a further close beneath here turning sentiment negative and extending November losses towards the 148.15 Fibonacci retracement.