Chart USD/JPY Update: Range extension
Still little change, as flat daily stochastics help to keep sentiment cautious and extend consolidation above congestion support at 160.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 multi-year high | S1 | 160.00 | ** | congestion | |
| R3 | 161.00 | ** | Jun-Jul 2024 congestion | S2 | 159.50~ | * | 11 Jun (w) low | |
| R2 | 160.72 | ** | 30 Apr YTD high | S3 | 159.00 | * | congestion | |
| R1 | 160.60 | * | 11 Jun (w) high | S4 | 158.60~ | * | 20 May (w) low |
Asterisk denotes strength of level
13:35BST - Still little change, as flat daily stochastics help to keep sentiment cautious and extend consolidation above congestion support at 160.00. The daily Tension Indicator is under pressure, highlighting room for a test of 160.00. But rising weekly charts should limit any immediate break in renewed consolidation above the 159.50~ weekly low of 11 June. A close beneath here, however, will add weight to sentiment and signal a deeper retracement, with focus then turning to 159.00. Meanwhile, resistance remains at the 160.60 weekly high of 11 June and extends to the 160.72 current year high of 30 April. A close above here would improve price action and extend September 2024 gains towards critical multi-year resistance at the 161.95 year high of July 2024.