Weekly Chart USD/JPY Update: Extending gains

Consolidation at the 157.00 level has given way break higher to reach the 158.40, 200-day MA as well as 50% Fibonacci retracement of the July/September losses.

Positive daily and weekly studies suggest scope for break here to open up room for continuation to strong resistance at the 159.00/159.45 congestion and January high. Clearance here, if seen, will return focus to the strong resistance at 160.00 figure and 160.50 congestion area. Corrective gains are expected to give way to renewed selling pressure later.

Meanwhile, support is raised to 157.00 level. Below here will open up room for deeper pullback to the 156.50/156.00 congestion area. Would take break of the latter to return focus to the downside for retest of 155.22/155.00, August/May lows.