Chart USD/JPY Update: Extending corrective bounce
Extending bounce from the strong support at the 152.00/151.85 area as prices unwind the oversold intraday and daily studies
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 158.44 | * | 29 Apr high | S1 | 154.00 | * | 6 May high, congestion | |
R3 | 157.00 | * | 61.8% Apr/May fall | S2 | 153.00 | * | congestion | |
R2 | 156.00 | * | congestion, 50% | S3 | 152.00 | ** | congestion | |
R1 | 155.00 | * | 38.2% Apr/May fall | S4 | 151.85 | ** | 3 May low |
Asterisk denotes strength of level
00:45 GMT - Extending bounce from the strong support at the 152.00/151.85 area as prices unwind the oversold intraday and daily studies. Clearing the 154.51 resistance will see room to the 155.00 level and 38.2% Fibonacci retracement of the drop from 160.20 high. Higher still, will see scope to 156.00, 50% Fibonacci level. Corrective gains are expected to give way to selling pressure later with support now raised to the 154.00/153.00 area. Would take break here to expose the critical 152.00 support and 151.85 low to retest. Break here will see room for deeper pullback to correct strong rally from the 140.25, late-December low.