Chart USD/JPY Update: Room to extend gains
Break of the 3-week triangle pattern has seen follow-through the 162.84 high of 1 July high to reach fresh high at 163.24
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 165.00 | * | figure | S1 | 162.50/00 | * | congestion | |
| R3 | 164.95 | ** | Nov 1986 high | S2 | 161.28/00 | * | 10 Jul low, congestion | |
| R2 | 164.00 | ** | Dec 1986 high | S3 | 160.48 | ** | 3 Jul low | |
| R1 | 163.24 | * | 21 Jul multi-yr high | S4 | 160.00 | ** | congestion |
Asterisk denotes strength of level
01:05 GMT - Break of the 3-week triangle pattern has seen follow-through the 162.84 high of 1 July high to reach fresh high at 163.24. Pressure remains on upside and higher will see room to target the December 1986 high at 164.00. Higher still, will see scope to 164.95 November 1986 high and 195.00 figure. Meanwhile, support is raised to the 162.50/160.00 congestion area which should underpin. Would take break here to ease the upside pressure and see room for consolidation to support at the 161.28/00 area. Below this will open up room for pullback to retest the 160.48 low and 160.00 figure.