Published: 2024-05-03T13:01:15.000Z
Chart USD/JPY Update: Extending losses in both USD- and JPY-driven trade
Senior Technical Strategist
1
Anticipated losses have reached support at 152.00 in both USD- and JPY-driven trade
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 158.00 | * | congestion | S1 | 152.00 | ** | break level | |
R3 | 156.00 | * | congestion | S2 | 151.00 | * | break level | |
R2 | 155.00 | * | congestion | S3 | 150.25 | ** | 50% ret of Dec-Apr rally | |
R1 | 154.00 | * | congestion | S4 | 150.00 | ** | congestion |
Asterisk denotes strength of level
13:55 BST - Anticipated losses have reached support at 152.00 in both USD- and JPY-driven trade, where oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower and overbought weekly stochastics are unwinding, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A close beneath here will add weight to already bearish price action and extend late-April losses to 151.00. Continuation down to the 150.25 Fibonacci retracement cannot be ruled out. Meanwhile, resistance is lowered to congestion around 154.00. An unexpected close above here will turn sentiment neutral and prompt fresh consolidation beneath 155.00.