Published: 2025-01-17T14:44:16.000Z
Chart USD/JPY Update: Limited gains - studies under pressure
Senior Technical Strategist
1
Consolidation is giving way to a fresh test higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.85 | ** | 16 Jul, 10 Jan (w) high | S1 | 155.00 | * | congestion | |
| R3 | 158.00 | * | congestion | S2 | 153.75 | ** | 50% ret of Dec-Jan rally | |
| R2 | 157.00 | * | congestion | S3 | 153.00 | ** | congestion | |
| R1 | 156.00 | * | congestion | S4 | 152.55 | ** | 61.8% ret of Dec-Jan rally |
Asterisk denotes strength of level
14:30 GMT - Consolidation is giving way to a fresh test higher, with prices currently pressuring congestion resistance at 156.00. Rising intraday studies highlight room for a test above here. But daily readings continue to track lower and overbought weekly stochastics are unwinding, highlighting potential for renewed selling interest towards further congestion around 157.00. Following cautious trade, fresh losses are looked for. A close below 155.00 will add weight to sentiment and extend January losses initially towards the 153.75 Fibonacci retracement.