Chart USD/JPY Update: Consolidating - studies remain under pressure
Little change, as prices extend consolidation beneath congestion resistance at 158.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | * | congestion | S1 | 157.00 | ** | congestion | |
| R3 | 160.00 | * | congestion | S2 | 156.60 | ** | 61.8% ret of Jan-Jul rally | |
| R2 | 159.00 | * | congestion | S3 | 156.00 | congestion | ||
| R1 | 158.00 | * | congestion | S4 | 155.00 | ** | congestion; 38.2% ret |
Asterisk denotes strength of level
13:20 BST - Little change, as prices extend consolidation beneath congestion resistance at 158.00. Overbought intraday studies are unwinding, suggesting room for a pullback towards congestion support at 157.00. But flat oversold daily stochastics could limit any initial tests in renewed consolidation, before the negative daily Tension Indicator and deteriorating weekly charts prompt fresh losses. A later break will add weight to sentiment and extend late-July losses towards the 156.60 Fibonacci retracement. A further close beneath her will open up 156.00. Meanwhile, a close above 158.00, if seen, would provide further stabilisation and give way to consolidation beneath intraday congestion around 159.00.