Chart USD/JPY Update: Limited above the 159.00 level
Little change, as prices extend consolidation above the 159.00 level following bounce from the 158.00 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00/30 | * | congestion | S1 | 159.00 | * | congestion | |
| R3 | 160.50 | ** | congestion | S2 | 158.50/00 | ** | congestion | |
| R2 | 160.00 | ** | figure | S3 | 157.00 | ** | congestion | |
| R1 | 159.78 | ** | 18 Aug high | S4 | 156.65 | * | 7 Aug low |
Asterisk denotes strength of level
00:50 GMT - Little change, as prices extend consolidation above the 159.00 level following bounce from the 158.00 low. Daily studies remains mixed and suggest further ranging action below resistance at the 159.78, 18 August high. Break here, if seen, will open up room for extension to strong resistance at the 160.00/160.50 area. Meanwhile, support is raised to the 159.00 level where break will open up room for pullback to the 158.50/158.00 area. Would take break of the latter to return focus to the downside to retrace strong bounce from the 155.22 low towards support at the 157.00 level and 156.65 low of 7 August.