Chartbook: Chart USD/JPY: Pressuring highs, room to extend gains
Extend bullish gains from the 152.00 January year low to reach fresh high just beneath the 161.95, 2024 multi-year high.
Bounce from the 155.00 May low see prices extending bullish gains from the 152.00 January year low to reach fresh high just beneath the 161.95, 2024 multi-year high.
Potential is seen for pullback from the latter to extend the broad ranging pattern within the 140.00/161.95 area since the January 2024 year low. Pullback below support at the 158.00 congestion will see room to the April 2025 channel support at 157.00. Below this will open up room for deeper corrective pullback to strong support at 155.00 May low which is expected to underpin. Break here, if seen, put bulls on hold and see room to strong support at 152.00 January year low and 150.00 congestion area.
Meanwhile, break above the 161.95 high will extend the broader gains from April 2025 year low within a rising channel and see room to the 164.00/165.00, congestion area from December/November 1986 highs. Higher still, if seen, will see extension to the channel top at 166.00/168.00 area projected into 2026 Q3.