Chart USD/JPY Update: Choppy around 160.00 - studies improving
Still little change, as prices extend cautious/choppy trade around congestion resistance at 160.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 multi-year high | S1 | 159.00 | * | congestion | |
| R3 | 161.00 | ** | Jun-Jul 2024 congestion | S2 | 158.60~ | * | 20 May (w) low | |
| R2 | 160.72 | ** | 30 Apr YTD high | S3 | 158.00 | ** | congestion | |
| R1 | 160.00 | ** | congestion | S4 | 157.00 | break level |
Asterisk denotes strength of level
14:20 BST - Still little change, as prices extend cautious/choppy trade around congestion resistance at 160.00. Intraday studies are improving and daily readings are ticking higher once again, highlighting room for a break above here towards strong resistance at the 160.72 current year high of 30 April. However, already overbought daily stochastics are expected to limit any initial tests in consolidation, before improving weekly charts prompt a break. A close above 160.72 will turn sentiment positive and extend September 2024 gains towards critical multi-year resistance at the 161.95 year high of July 2024. Meanwhile, support remains down to congestion around 159.00 and should underpin any immediate setbacks.