Chart USD/JPY Update: Choppy trade - studies under pressure
The bounce from above congestion support at 148.00 has been pushed back from congestion resistance at 150.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.00 | * | break level | S1 | 148.00 | * | congestion | |
| R3 | 151.00 | * | break level | S2 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R2 | 150.00 | ** | congestion | S3 | 146.00 | * | congestion | |
| R1 | 149.00 | congestion | S4 | 145.00 | congestion |
Asterisk denotes strength of level
14:00 GMT - The bounce from above congestion support at 148.00 has been pushed back from congestion resistance at 150.00, as intraday studies turn down, with prices currently trading around 148.80. Daily readings are mixed/negative and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions. A later break below 148.00 will add weight to sentiment and extend January losses initially to the 147.00 Fibonacci retracement. Continuation down to congestion around 146.00 cannot be ruled out. Meanwhile, any tests back above congestion resistance at 149.00 should meet renewed selling interest towards 150.00.