Chart USD/JPY Update: Lower in both USD- and JPY-driven trade
Anticipated minor tests higher have been pushed back from 159.75, with steady losses accelerating in both USD- and JPY-driven trade towards support at 158.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | congestion | S1 | 158.50 | * | range highs | ||
| R3 | 160.60 | ** | 61.8% ret of Jul-Aug fall | S2 | 158.00 | * | congestion | |
| R2 | 160.00 | * | congestion | S3 | 157.00 | ** | congestion | |
| R1 | 159.50 | * | congestion tops | S4 | 156.60 | ** | 61.8% ret of Jan-Jul rally |
Asterisk denotes strength of level
13:45 BST - Anticipated minor tests higher have been pushed back from 159.75, with steady losses accelerating in both USD- and JPY-driven trade towards support at 158.50. Intraday studies have turned down, highlighting room for a break back beneath here towards congestion support at 158.00. But rising daily readings could limit any initial tests in consolidation, before mixed/negative weekly charts prompt further losses. Further losses will open up the 156.60 - 157.00 range.
Meanwhile, resistance is at 159.50. A close back above here would improve sentiment and extend early-August gains towards congestion around 160.00. Any further strength should be limited in renewed selling interest beneath the 160.60 Fibonacci retracement.