Chart USD/JPY Update: Limited scope above 156.00
Still little change, as mixed intraday studies keep near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 160.00/20 | ** | figure; 29 Apr YTD high | S1 | 155.00 | * | congestion | |
R3 | 158.44 | * | 26 Apr (w) high | S2 | 154.00 | * | congestion | |
R2 | 158.00 | * | congestion | S3 | 152.00 | ** | break level | |
R1 | 156.00 | * | congestion | S4 | 151.00 | * | break level |
Asterisk denotes strength of level
14:10 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 156.00. Oversold daily stochastics are unwinding, pointing to room for a break. But the bearish daily Tension Indicator and negative weekly charts should limit scope in fresh selling interest towards further congestion around 158.00. Following any corrective gains, fresh losses are looked for. A later break below congestion support at 155.00 will open up further congestion around 154.00. But a close below 152.00 is needed to turn sentiment negative and extend late-April losses to 151.00. Continuation down to the 150.25 Fibonacci retracement cannot be ruled out.