Published: 2025-01-22T01:05:37.000Z
Chart USD/JPY Update: Consolidating test of 155.00/154.70 support
Technical Analyst
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No follow-through on break of the 155.00 level as prices consolidate above the 154.70 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.00 | * | congestion | S1 | 154.70 | * | 6 Nov high, congestion | |
| R3 | 157.00 | * | congestion | S2 | 154.00 | * | congestion | |
| R2 | 156.75 | ** | Nov high | S3 | 153.16 | * | 17 Dec low | |
| R1 | 156.00 | * | congestion | S4 | 152.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - No follow-through on break of the 155.00 level as prices consolidate above the 154.70 support. The resulting flag pattern and negative daily studies suggest consolidation to give way to break lower later to extend losses from the 158.87 high to retrace the December/January rally to the 154.00 level. Meanwhile, resistance remains at the previous support at 156.00 which extend to the 156.75, November high. Would need to regain this area to ease the downside pressure and open up room for retest of the 158.00 level.