Chart USD/JPY Update: Drifting lower in range
Cautious trade has met selling interest just beneath resistance at 148.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 151.50 | ** | 61.8% ret of Jan-Apr fall | S1 | 147.00 | congestion | ||
| R3 | 151.20 | ** | 28 Mar (w) high | S2 | 146.00 | * | break level | |
| R2 | 150.00 | ** | congestion | S3 | 145.00 | * | congestion | |
| R1 | 148.00 | ** | break level | S4 | 144.00 | * | congestion |
Asterisk denotes strength of level
08:45 BST - Cautious trade has met selling interest just beneath resistance at 148.00, with prices drifting lower to currently trade around 147.45. Intraday studies have turned down and daily readings are under pressure, highlighting room for a test of congestion support at 147.00. A break will open up 146.00. But already oversold daily stochastics and mixed/positive weekly charts should limit scope in renewed buying interest/consolidation towards here. A close below 146.00, however, will turn sentiment negative and confirm a deeper pullback from the 150.90~ weekly high of 1 August. Meanwhile, a close above 148.00, if seen, should prompt fresh consolidation beneath congestion resistance at 150.00.