Published: 2024-11-06T07:18:29.000Z
Chart USD/JPY Update: Poised to extend gains
Technical Analyst
4
Turned up sharply from 151.28 low to retrace all the losses from the 153.88 high of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 156.65 | * | 76.4% Jul/Sep fall | S1 | 152.00 | * | congestion | |
| R3 | 156.00 | * | congestion | S2 | 151.28 | * | intraday low | |
| R2 | 155.22 | * | 30 Jul high | S3 | 151.00 | * | congestion | |
| R1 | 154.00 | ** | congestion | S4 | 150.00 | ** | figure, congestion |
Asterisk denotes strength of level
07:15 GMT - Turned up sharply from 151.28 low to retrace all the losses from the 153.88 high of last week. Break here see gains limited above the 154.00 level but consolidation here is expected to give way to renewed strength later. Clear break here will further extend gains from the September low and see scope to the room to the 155.22 resistance then 156.00 congestion. Meanwhile, support at the 152.00 congestion and 151.28 low now expected to underpin and sustain bullish run-up from the September low.