Chart USD/JPY Update: Choppy trade - studies improving
Little change, as prices extend pressure on congestion resistance around 158.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | congestion | S1 | 157.00 | * | congestion | |
| R3 | 159.75 | ** | intraday lows | S2 | 155.95/00 | ** | 50% ret; congestion | |
| R2 | 159.00 | * | congestion | S3 | 155.25 | ** | 61.8% ret of Sep rally | |
| R1 | 158.00 | ** | congestion | S4 | 154.00 | ** | congestion |
Asterisk denotes strength of level
13:40 GMT - Little change, as prices extend pressure on congestion resistance around 158.00. Intraday studies and daily stochastics have turned higher, suggesting room for a break above here towards further congestion around 159.00. However, the flat daily Tension Indicator could limit any initial tests in consolidation, before improving weekly charts prompt a break. A close above159.00 would turn sentiment positive and confirm contiuation of September gains, initially towards 160.00.
Meanwhile, any immediate setbacks should meet renewed buying interest towards 157.00. A close beneath here, if seen, will add weight to sentiment and open up a test of strong support at the 155.95 Fibonacci retracement and congestion around 156.00.