Chart USD/JPY Update: Strong resistance at 154.71
Little change, as prices extend pressure on resistance at the 154.00 break level in quiet trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 156.00 | * | congestion | S1 | 152.50 | * | break level | |
| R3 | 155.00 | * | congestion | S2 | 152.00 | ** | break level | |
| R2 | 154.71 | ** | 7 Nov (w) high | S3 | 151.30~ | 6 Nov low | ||
| R1 | 154.00 | * | break level | S4 | 150.00 | ** | break level |
Asterisk denotes strength of level
08:45 GMT - Little change, as prices extend pressure on resistance at the 154.00 break level in quiet trade. Oversold daily stochastics are attempting to unwind and the falling daily Tension Indicator is flattening, suggesting a minor improvement in sentiment and potential for a test higher. A break above 154.00 will open up the 154.71 weekly high of 7 November, where fresh consolidation could appear. However, rising weekly charts highlight potential for a later break and continuation of September gains beyond 155.00 towards 156.00. Meanwhile, support remains at the 152.50 break level and extends to 152.00. This area should underpin any immediate setbacks.