Chart USD/JPY Update: Edging higher in both USD- and JPY-driven trade
Consolidation above 155.00 is giving way to further gains in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 159.45 | ** | 14 Jan YTD high | S1 | 155.00 | * | break level | |
| R3 | 158.00 | * | break level | S2 | 154.00 | * | congestion | |
| R2 | 157.50 | * | congestion | S3 | 152.50 | * | congestion | |
| R1 | 156.00 | * | congestion | S4 | 152.10~ | ** | 27 Jan YTD low |
Asterisk denotes strength of level
13:55 GMT - Consolidation above 155.00 is giving way to further gains in both USD- and JPY-driven trade, with prices reaching 155.65. Short-term reactions are appearing, as overbought intraday studies unwind. But daily stochastics and the daily Tension Indicator are improving, and oversold weekly stochastics are flattening, suggesting room for continuation towards congestion around 156.00. However, the bearish weekly Tension Indicator and mixed/negative longer-term readings are expected to limit any initial tests in profit-taking/consolidation. Meanwhile, a close back below 155.00 would help to stabilise price action and prompt consolidation above congestion support at 154.00.