Chart USD/JPY Update: Choppy around 160.00
Little change, as prices extend cautious/choppy trade following the retest of 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
13:50 BST - Little change, as prices extend cautious/choppy trade following the retest of congestion resistance at 160.00. Intraday studies are falling and overbought daily stochastics are ticking lower, suggesting room for a pullback. But the positive daily Tension Indicator and mixed/positive weekly charts should limit any initial losses in consolidation above congestion support at 159.00. A close below the 158.60~ weekly low of 20 May, however, will turn sentiment negative and confirm a deeper pullback towards 158.00. Meanwhile, any immediate tests above 160.00 should meet selling interest towards strong resistance at the 160.72 current year high of 30 April.