Chart USD/JPY Update: Consolidating at the 153.00 level
Saw break above the 153.00 level to reach fresh high at 153.27 but bullish momentum slows as daily studies extend into overbought areas
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 154.80 | * | 12 Feb high | S1 | 152.00 | * | congestion | |
| R3 | 154.40 | * | 76.4% Jan/Apr fall | S2 | 150.92 | ** | Aug high | |
| R2 | 154.00 | * | congestion | S3 | 150.00 | ** | Sep high | |
| R1 | 153.27 | * | congestion, 14 Feb high | S4 | 149.00 | * | 6 Oct low |
Asterisk denotes strength of level
00:50 GMT - Saw break above the 153.00 level to reach fresh high at 153.27 but bullish momentum slows as daily studies extend into overbought areas. Pause here likely as prices consolidate strong gains from the 149.00 low of Monday. However, further gains not ruled out within the bullish channel from the April low. Higher will see potential to the 154.00 level and 154.40, 76.4% Fibonacci level. Meanwhile, support is raised to the August high at 152.00 level which should underpin. Below this will open up room for pullback to the strong support at 150.92/150.00, August/September highs.