Chart USD/JPY Update: Consolidating - daily studies under pressure
The pullback from the 159.65 high of 29 May is giving way to consolidation around 159.25
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | ** | Jun-Jul 2024 congestion | S1 | 159.00 | * | congestion | |
| R3 | 160.72 | ** | 30 Apr YTD high | S2 | 158.60~ | * | 20 May (w) low | |
| R2 | 160.00 | ** | congestion | S3 | 158.00 | ** | congestion | |
| R1 | 159.65 | 28 May high | S4 | 157.00 | break level |
Asterisk denotes strength of level
08:50 BST - The pullback from the 159.65 high of 29 May is giving way to consolidation around 159.25, as intraday studies turn mixed. Overbought daily stochastics are turning down and the positive daily Tension Indicator is flattening, suggesting room for deeper reactions in the coming sessions. A break below congestion support at 159.00 will open up the 158.60~ weekly low of 20 May. But rising weekly charts should limit any initial tests in fresh consolidation. A close beneath here, however, will add weight to sentiment and open up congestion around 158.00. Meanwhile, any immediate tests above 159.65 should be limited in consolidation beneath congestion resistance at 160.00.