Chart USD/JPY Update: Pushing higher in both USD- and JPY-driven trade
Cautious trade around 161.85 has given way to a push higher in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.95 | ** | December 1986 high | S1 | 161.50 | * | intraday break level | |
| R3 | 163.00 | * | historic congestion | S2 | 161.00 | * | intraday lows | |
| R2 | 162.85~ | ** | 1 July multi-year high | S3 | 160.72 | * | 30 Apr (m) high | |
| R1 | 162.50 | historic congestion | S4 | 160.00 | ** | congestion |
Asterisk denotes strength of level
13:55 BST - Cautious trade around 161.85 has given way to a push higher in both USD- and JPY-driven trade, with prices currently pressuring resistance at 162.50. Mixed daily readings are showing signs of improvement and broader weekly charts are positive, highlighting room for further gains in the coming sessions. However, a close above critical resistance at the 162.85~ multi-year high of 1 July is needed to turn sentiment positive and extend long-term gains beyond 163.00 towards the 163.95 high of December 1986. Meanwhile, support remains at 161.50. A close beneath here, if seen, will open up the 160.72 monthly high of 30 April, where rising studies should prompt renewed buying interest/consolidation.