Chart USD/JPY Update: Extending corrective gains in both USD- and JPY-driven trade
Cautious trade has given way to a push higher in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.00 | * | congestion | S1 | 149.00 | congestion | ||
| R3 | 151.25 | ** | 38.2% ret of Jan-Mar fall | S2 | 148.00 | * | congestion | |
| R2 | 151.00 | * | break level | S3 | 147.00 | ** | 61.8% ret of Sep-Jan rally | |
| R1 | 150.00 | ** | congestion | S4 | 146.50 | * | break level |
Asterisk denotes strength of level
13:50 GMT - Cautious trade has given way to a push higher in both USD- and JPY-driven trade, with prices currently pressuring 150.00. Rising intraday studies and a tick higher in daily readings highlights room for a break, with focus to then turn to stronger resistance at the 151.00 break level and the 151.25 Fibonacci retracement. However, already overbought intraday studies and overbought daily stochastics are expected to limit any initial tests of this range profit-taking/consolidation. Meanwhile, a close below congestion support at 149.00, if seen, will turn sentiment neural once again and give way to consolidation above further congestion around 148.00.