Chart USD/JPY Update: Higher in range - gains to remain limited
The anticipated break below congestion support at 147.00 has not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.00 | ** | congestion | S1 | 147.00 | * | congestion | |
| R3 | 149.00 | congestion | S2 | 146.00 | ** | break level | ||
| R2 | 148.50~ | 12 Aug (w) high | S3 | 145.00 | * | congestion | ||
| R1 | 148.00 | ** | break level | S4 | 144.00 | * | congestion |
Asterisk denotes strength of level
14:20 BST - The anticipated break below congestion support at 147.00 has not been seen, as rising intraday studies and flattening oversold daily stochastics prompt a bounce back to resistance at 148.00. The negative daily Tension Indicator suggests fresh consolidation around here, before mixed/positive weekly charts prompt a break. A close above 148.00 will open up resistance within the 148.50 weekly high of 12 August and congestion around 149.00. But already overbought weekly stochastics and mixed longer-term readings should limit any initial tests in fresh consolidation. Meanwhile, a break below 147.00, if seen, is expected to give way to consolidation above support at 146.00.