Chart USD/JPY Update: Consolidating - daily studies under pressure
Little change, as mixed intraday studies keep near-term 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 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
14:05 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 160.00. Daily stochastics are falling and the flat daily Tension Indicator is turning down, highlighting room for further losses in the coming sessions. A close back below 160.00 will add weight to sentiment and put focus on congestion around 159.00. However, positive weekly charts should limit any deeper losses in renewed buying interest/consolidation above the 158.60~ weekly low of 20 May. Meanwhile, a close above resistance at the 160.72 current year high of 30 April would improve price action and extend September 2024 gains towards critical multi-year resistance at the 161.95 year high of July 2024.