Chart USD/JPY Update: Poised for retest of 154.48 high
Break above the 154.00 level see prices extending bounce from the 152.81 pullback low of last week and within reach of 154.40/48 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 156.00 | * | congestion | S1 | 152.81 | * | 7 Nov low | |
| R3 | 155.00 | * | congestion | S2 | 152.00 | * | congestion | |
| R2 | 154.80 | * | 12 Feb high | S3 | 151.50 | * | congestion | |
| R1 | 154.40/48 | ** | 76.4%, 4 Nov high | S4 | 150.92 | ** | Aug high |
Asterisk denotes strength of level
00:50 GMT - Break above the 154.00 level see prices extending bounce from the 152.81 pullback low of last week and within reach of 154.40/48 resistance. Clearance will further extend gains within the rising channel from the April low and see scope for extension to the 155.00 level. However, daily and weekly studies are overbought and caution corrective pullback. Meanwhile, support is at the 152.81low of last week which now underpin. Would take break here to fade the upside pressure and open up room for deeper pullback to retrace strong gains from the 145.50 September low.