Chart USD/JPY Update: Consolidating above 156.00, room for lower later
No follow-through on break of the 156.00 level as prices consolidate pullback from the 157.90 high of last week
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | figure | S1 | 156.00 | * | congestion | |
| R3 | 158.87 | ** | 10 Jan YTD high | S2 | 155.00 | * | congestion | |
| R2 | 157.90/00 | ** | 20 Nov high, congestion | S3 | 154.45/00 | ** | 30 Oct high, congestion | |
| R1 | 157.00 | * | congestion | S4 | 153.27 | * | 10 Oct high |
Asterisk denotes strength of level
00:25 GMT - No follow-through on break of the 156.00 level as prices consolidate pullback from the 157.90 high of last week. However, pressure remains on the downside as daily studies continue to track lower while weekly chart have started to unwind overbought readings. Break here will see room for deeper pullback to the 155.00 congestion. Below this will see potential to strong support at the 154.45/154.00 area. Meanwhile, resistance is lowered to the 157.00 level now expected to cap. Would need to clear this and the 157.90 high to see continuation of the April gains to retest the 158.87, January YTD high.