Published: 2025-01-20T08:47:18.000Z
Chart USD/JPY Update: Limited tests higher
Senior Technical Strategist
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Little change, as choppy trade extends pressure on congestion resistance at 156.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.85 | ** | 16 Jul, 10 Jan (w) high | S1 | 155.00 | * | congestion | |
| R3 | 158.00 | * | congestion | S2 | 153.75 | ** | 50% ret of Dec-Jan rally | |
| R2 | 157.00 | * | congestion | S3 | 153.00 | ** | congestion | |
| R1 | 156.00 | * | congestion | S4 | 152.55 | ** | 61.8% ret of Dec-Jan rally |
Asterisk denotes strength of level
08:40 GMT - Little change, as choppy trade extends pressure on congestion resistance at 156.00. Oversold daily stochastics are edging higher, suggesting room for a fresh test above here. But the negative daily Tension Indicator and deteriorating weekly charts should limit initial scope in renewed selling interest towards further congestion around 157.00. Following cautious trade, fresh losses are looked for. Support remains at congestion around 155.00. A later close beneath here will add weight to sentiment and extend January losses initially towards the 153.75 Fibonacci retracement.