Chart USD/JPY Update: Limited tests higher
Cautious trade is giving way to a drift higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | congestion | S1 | 156.00 | * | congestion | |
| R3 | 158.88 | ** | 10 January 2025 (y) high | S2 | 155.00 | * | break level | |
| R2 | 157.90/00 | * | 20 Nov (m) high; break level | S3 | 154.34 | * | 5 Dec (m) low | |
| R1 | 157.00 | minor congestion | S4 | 154.00 | * | congestion |
Asterisk denotes strength of level
14:15 GMT - Cautious trade is giving way to a drift higher, as intraday studies improve, with prices currently pressuring resistance at 157.00. A break cannot be ruled out. But mixed daily readings and bearish weekly charts are expected to limit scope in renewed selling interest beneath stronger resistance at the 157.90 monthly high of 20 November and the 158.00 break level. Meanwhile, support remains at congestion around 156.00. A later break beneath here will open up 155.00. Negative weekly charts point to room for still deeper losses. But a close below the 154.34 monthly low of 5 December is needed to turn sentiment negative and confirm continuation of late-November losses.