Chartbook: Chart USD/JPY: Retest 160.00/161.95 highs

Bounce from the 152.00 support see pressure returning to the upside with break above the 159.45 January high posting fresh high just beneath the 160.00 level.

Would expect break here to further extend the bullish gains from the 140.00 low of last year to open up room for extension to retest the 161.95, 2024 year high to retest. However, the latter is expected to cap and give way to renewed selling pressure to retrace strong gains from the 140.00, January low. The 2022 and 2023 year highs at 152.00 now turned support and see break here and the 150.00 figure needed to fade the upside pressure and open up room for deeper pullback to the support at the 145.00 congestion and 140.00 figure and 2024/2025 year lows.

Break above the 161.95 high, if seen, will extend the underlying bull trend from the 2011 low. Clearance will see scope extension to the 164.00/165.00 congestion area.