Chart USD/JPY Update: Outside range weighs
Saw sharp pullback form the 153.27 Friday's high with the resulting outside range suggesting prices reversing sharp bounce from the 146.50 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 154.40 | * | 76.4% Jan/Apr fall | S1 | 150.92 | ** | Aug high | |
| R3 | 154.00 | * | congestion | S2 | 150.00 | ** | Sep high | |
| R2 | 153.27 | ** | congestion, 10 Oct high | S3 | 149.00 | * | 6 Oct low | |
| R1 | 152.40 | * | intraday level | S4 | 148.65 | * | Dec low |
Asterisk denotes strength of level
01:00 GMT - Saw sharp pullback form the 153.27 Friday's high with the resulting outside range suggesting prices reversing sharp bounce from the 146.50 support. Consolidation at the 152.00 level is expected to give way to fresh selling pressure later to retest 151.10 low then the strong support at 150.92/150.00, August and September highs and where reaction can be expected. Break will be bearish and open up room for deeper pullback to retrace the April/October rally. Meanwhile, resistance is at 152.40 intraday level ahead of the 153.27 high which is expected to cap.