Chart USD/JPY Update: Sharp fall from 150.00 in JPY-driven trade
Consolidation beneath congestion resistance at 150.00 has given way to a sharp pullback in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 151.25 | ** | 38.2% ret of Jan-Mar fall | S1 | 148.00 | * | congestion | |
| R3 | 151.00 | * | break level | S2 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R2 | 150.00 | ** | congestion | S3 | 146.50 | * | break level | |
| R1 | 149.00 | congestion | S4 | 146.00 | * | congestion |
Asterisk denotes strength of level
14:10 GMT - Consolidation beneath congestion resistance at 150.00 has given way to a sharp pullback in JPY-driven trade. Prices are finding support above congestion around 148.00, as oversold intraday studies unwind, with focus turning to congestion resistance at 149.00. A test back above here cannot be ruled out, as the daily Tension Indicator continues to rise. But unwinding overbought daily stochastics and bearish weekly charts should limit scope in renewed selling interest beneath 150.00. In the coming sessions, further losses are looked for, with a later close below 148.00 opening up critical support at the 147.00 Fibonacci retracement.