Chart USD/JPY Update: Extending losses
Little change, as the anticipated break below 159.00 gives way to minor consolidation around 158.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | July 2024 congestion | S1 | 158.00 | * | break level | ||
| R3 | 160.45 | ** | 30 Mar YTD high | S2 | 157.50 | * | 19 Mar (w) low | |
| R2 | 160.00 | ** | historic congestion | S3 | 157.00 | * | congestion | |
| R1 | 159.00 | * | congestion | S4 | 156.00 | * | congestion |
Asterisk denotes strength of level
14:10 BST - Little change, as the anticipated break below 159.00 gives way to minor consolidation around 158.50. Daily readings are under pressure and positive weekly stochastics are turning down, highlighting room for further losses towards support at 158.00. Just beneath here is the 157.50 weekly low of 19 March, but already oversold daily stochastics should limit any initial tests of here in consolidation. A close beneath here, however, will add weight to sentiment and confirm a deeper pullback, initially to congestion around 157.00. Meanwhile, resistance is lowered to congestiona round 159.00. A close above here would help to stabilose price action and prompt consolidation beneath 160.00.