Chart USD/JPY Update: Limited scope above 149.00
Cautious trade has given way to a drift higher to congestion resistance at 149.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.00 | * | break level | S1 | 148.00 | * | congestion | |
| R3 | 151.00 | * | break level | S2 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R2 | 150.00 | ** | congestion | S3 | 146.00 | * | congestion | |
| R1 | 149.00 | congestion | S4 | 145.00 | congestion |
Asterisk denotes strength of level
13:35 GMT - Cautious trade has given way to a drift higher to congestion resistance at 149.00, where deteriorating positive intraday studies are prompting fresh consolidation. Daily readings are rising, highlighting an improvement in price action and room for a break above here. A close above 149.00 will open up congestion around 150.00. But mixed/negative weekly charts are expected to limit any extension beyond here in selling interest towards 151.00. Meanwhile, support is at congestion around 148.00. But a close below the 147.00 Fibonacci retracement is needed to turn sentiment negative and extend January losses initially towards congestion around 146.00.