Chart USD/JPY Update: Extending gains in both USD- and JPY-driven trade
Cautious trade above 163.00 has given way to a sharp break higher to fresh multi-year highs in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 166.00 | ** | figure | S1 | 163.00 | congestion | ||
| R3 | 165.00 | ** | figure | S2 | 162.85~ | ** | 1 July (w) high | |
| R2 | 164.50 | ** | November 1986 high | S3 | 162.50 | * | congestion | |
| R1 | 163.95 | ** | December 1986 high | S4 | 162.00 | * | congestion |
Asterisk denotes strength of level
13:30 BST - Cautious trade above 163.00 has given way to a sharp break higher to fresh multi-year highs in both USD- and JPY-driven trade. Immediate focus is on the 163.95 high of December 1986. However, daily readings are rising and both weekly and longer-term charts are positive, pointing to room for further gains in the coming sessions. A close above here will improve sentiment and extend long-term gains towards the 164.50 high of November 1986. Meanwhile, support is raised to congestion around 163.00. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 162.50.