Chart USD/JPY Update: Balanced beneath strong resistance at the 154.40 Fibonacci retracement
Little change, as prices extend consolidation beneath strong resistance at the 154.40 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 157.00 | * | congestion | S1 | 153.27 | ** | 10 Oct (w) high | |
| R3 | 155.88/00 | * | February high; congestion | S2 | 152.00 | congestion | ||
| R2 | 155.00 | * | congestion | S3 | 151.00 | break level | ||
| R1 | 154.40 | ** | 76.4% ret of Jan-Apr fall | S4 | 150.00 | ** | congestion |
Asterisk denotes strength of level
13:55 GMT - Little change, as prices extend consolidation beneath strong resistance at the 154.40 Fibonacci retracement. Intraday studies are under pressure, highlighting potential for a minor pullback. But rising daily readings and positive weekly charts are expected to limit any tests lower in renewed buying interest towards the 153.27 weekly high of 10 October. Following cautious trade, fresh gains are looked for. A close above 154.40 will improve sentiment and extend April gains towards congestion around 155.00. Beyond here is the 155.88 high of February and congestion around 156.00. But flat overbought weekly stochastics are expected to limit any tests of here in profit-taking/consolidation. Meanwhile, a close below 153.27, if seen, would turn sentiment neutral and prompt consolidation above congestion around 152.00.