Chart USD/JPY Update: Focus on the 160.72 current year high
Little change, as prices continue to drift higher, reaching 160.60 before settling into fresh consolidation
| 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 | 159.00 | * | congestion | |
| R2 | 160.72 | ** | 30 Apr YTD high | S3 | 158.60~ | * | 20 May (w) low | |
| R1 | 160.60 | intraday high | S4 | 158.00 | ** | congestion |
Asterisk denotes strength of level
14:20 BST - Little change, as prices continue to drift higher, reaching 160.60 before settling into fresh consolidation. Rising intraday studies highlight room for a test of strong resistance at the 160.72 current year high of 30 April, with a tick higher in daily readings pointing to room for a later break and extension of September 2024 gains towards critical multi-year resistance at the 161.95 year high of July 2024. Meanwhile, support remains down to congestion around 160.00. A close beneath here would add weight to sentiment and give way to a deeper pullback, initially targeting congestion around 159.00.