Weekly Chart USD/JPY Update: Retest 160.00/160.50 resistance

Consolidation below the 159.00 resistance has given way to break to further retrace the July/September losses to reach resistance at the 160.00 level. 

Positive daily and weekly studies suggest scope for break here to open up room to the 160.40/50 September high and congestion area which is expected to cap. Close above here, if seen, will open up room for extension to the 161.00 level and the 161.95, July 2024 year high. However, gains are expected to give way to renewed selling pressure later with support starting at the 159.00 congestion. Below the latter will return focus to the 158.00/157.00 congestion area. Break of the latter will leave the way open for retest of 156.00 and 155.00 support.