Chart USD/JPY Update: Cautious trade
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 160.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 (y) high | S1 | 159.00 | * | congestion | |
| R3 | 161.00 | July 2024 congestion | S2 | 158.00 | * | break level | ||
| R2 | 160.45 | ** | 30 Mar YTD high | S3 | 157.50 | * | 19 Mar (w) low | |
| R1 | 160.00 | ** | historic congestion | S4 | 157.00 | * | congestion |
Asterisk denotes strength of level
14:20 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation beneath congestion resistance at 160.00. Rising daily stochastics highlight room for a test above here. But the bearish daily Tension Indicator is expected to limit initial scope in renewed consolidation beneath the 160.45 current year high of 30 March, before improving weekly charts prompt further gains. A close above here will improve sentiment and extend September 2024 gains beyond 161.00 towards critical multi-year resistance at the 161.95 year high of July 2024. Meanwhile, support remains at congestion around 159.00. A break beneath here, if seen, will open up 158.00. But a further close below the 157.50 weekly low of 19 March is needed to turn sentiment negative and confirm a deeper pullback, initially to congestion around 157.00.