Chart USD/JPY Update: Choppy in range - studies rising
Choppy trade has given way to a retest below congestion support at 158.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.40 | ** | 2 Sep (m) high | S1 | 158.00 | ** | congestion | |
| R3 | 160.00 | ** | congestion | S2 | 157.00 | * | congestion | |
| R2 | 159.75 | ** | intraday lows | S3 | 155.95/00 | ** | 50% ret; congestion | |
| R1 | 159.00 | * | congestion | S4 | 155.25 | ** | 61.8% ret of Sep rally |
Asterisk denotes strength of level
13:50 GMT - Choppy trade has given way to a retest below congestion support at 158.00, before bouncing back into consolidation around 158.50. Mixed intraday studies highlight potential for further cautious/choppy trade. But daily readings are positive and broader weekly charts are also rising, suggesting room for fresh gains in the coming sessions. A break above congestion resistance at 159.00 will open up further congestion around 160.00. However, by-then overbought daily stochastics could prompt profit-taking/consolidation.
Meanwhile, a close back below congestion support at 158.00 would turn sentiment cautious and give way to consolidation/range extension above further congestion around 157.00.