Chart USD/JPY Update: Pushing higher
Anticipated gains have reached 159.65
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 multi-year high | S1 | 159.00 | * | congestion | |
| R3 | 161.00 | ** | Jun-Jul 2024 congestion | S2 | 158.60~ | * | 20 May (w) low | |
| R2 | 160.72 | ** | 30 Apr YTD high | S3 | 158.00 | ** | congestion | |
| R1 | 160.00 | ** | congestion | S4 | 157.00 | break level |
Asterisk denotes strength of level
08:50 BST - Anticipated gains have reached 159.65, where unwinding overbought intraday studies are prompting short-term reactions. Daily readings continue to rise and weekly stochastics have ticked up, highlighting room for continuation towards resistance at congestion around 160.00. However, already overbought daily stochastics and the flat weekly Tension Indicator should limit any immediate break above here in renewed selling interest/consolidation beneath strong resistance at the 160.72 current year high of 30 April. Meanwhile, support is raised to congestion around 159.00 and should underpin any immediate setbacks. A close below the 158.60~ weekly low of 20 May would add weight to sentiment and put focus initially on congestion around 158.00.