Chart USD/JPY Update: Consolidating losses

Asterisk denotes strength of level

14:00 BST - The break below 144.00 has extended to 142.35~, where unwinding oversold intraday studies are prompting a bounce to 143.35. Negative daily readings are flattening, suggesting a minor improvement in sentiment and room for a test of congestion resistance at 144.00. But mixed/negative weekly charts are expected to limit any tests in renewed selling interest. Following cautious trade, fresh losses are looked for. A later break below congestion support at 142.00 will add weight to sentiment and initially target the 140.50 Fibonacci retracement. Meanwhile, an unexpected close above 144.00 would help to stabilise price action and prompt consolidation beneath further congestion around 145.00.