Chart USD/JPY Update: Weighing on the 156.00 level
Consolidating at the 156.00 level but pressure building on the downside and suggest scope for break here to extend pullback from the 157.90 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | figure | S1 | 156.00 | * | congestion | |
| R3 | 158.87 | ** | 10 Jan YTD high | S2 | 155.00 | * | congestion | |
| R2 | 157.90/00 | ** | 20 Nov high, congestion | S3 | 154.45/00 | ** | 30 Oct high, congestion | |
| R1 | 157.00 | * | congestion | S4 | 153.27 | * | 10 Oct high |
Asterisk denotes strength of level
00:50 GMT - Consolidating at the 156.00 level but pressure building on the downside and suggest scope for break here to extend pullback from the 157.90 high of last week. Daily studies are tracking lower while weekly chart are stretched and see scope to unwind overbought readings. Break here will see room for deeper pullback to the 155.00 congestion. Lower still, will see potential to strong support at the 154.45/154.00 area. Meanwhile, resistance is lowered to the 157.00 level now expected to cap and sustain pullback from the 157.90 high. Would need to clear these to see continuation of the April gains to retest the 158.87, January YTD high.