Chart USD/JPY Update: Poised for retest of 160.46/160.72, March/April highs
Still stretching as prices extend gains above the 160.00 figure to approach the 160.46 resistance
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | Jul 2024 multi-yr high | S1 | 159.00 | * | congestion | |
| R3 | 161.00 | * | figure | S2 | 158.60 | * | 18 May low | |
| R2 | 160.72 | ** | 30 Apr YTD high | S3 | 158.00 | * | congestion | |
| R1 | 160.46 | * | Mar high | S4 | 157.50 | ** | congestion |
Asterisk denotes strength of level
00:40 GMT - Still stretching as prices extend gains above the 160.00 figure to approach the 160.46 resistance. Bullish gains from the 155.00 May low keep pressure on the upside and see scope for extension to retest the 160.46 March high then the 160.72 April current year high. However, would expect these to cap and give way to fresh selling pressure later. Break, if seen, will turn focus to the 161.95, July 2024 year high. Meanwhile, support at the 159.35/159.00 congestion area underpin. Would take break here and then 158.60 low of 18 May to fade the upside pressure and open up room for deeper pullback to retrace gains from 155.00 low.