Chart USD/JPY Update: Consolidating
Still little change, as prices extend cautious trade within the broad 142.00 - 144.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 148.00 | * | congestion | S1 | 142.00 | * | congestion | |
| R3 | 146.00 | * | congestion | S2 | 141.00 | * | congestion | |
| R2 | 145.00 | * | congestion | S3 | 140.00 | ** | congestion | |
| R1 | 144.00 | * | congestion | S4 | 139.58 | ** | 16 Sep 2024 (y) low |
Asterisk denotes strength of level
08:45 BST - Still little change, as prices extend cautious trade within the broad 142.00 - 144.00 range. Rising intraday studies suggest potential for a retest of congestion resistance at 144.00. But negative daily readings and bearish longer-term charts are expected to limit any break in renewed selling interest beneath 145.00. A close above here, however, would help to stabilise price action and give way to consolidation around 146.00. Following cautious/corrective trade, fresh losses are looked for. A later break below congestion support at 142.00 will open up 141.00. But already oversold daily stochastics could limit any immediate continuation in short-covering within critical support at the 139.58 year low of 16 September and congestion around 140.00.