Chart USD/JPY Update: Pushing higher
Cautious trade is giving way to the anticipated break above 159.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.90/00 | ** | 76.4% ret; congestion | S1 | 159.50 | * | congestion tops | |
| R3 | 161.00 | congestion | S2 | 159.00 | * | congestion | ||
| R2 | 160.60 | ** | 61.8% ret of Jul-Aug fall | S3 | 158.50 | * | range highs | |
| R1 | 160.00 | * | congestion | S4 | 158.00 | * | congestion |
Asterisk denotes strength of level
13:50 BST - Cautious trade is giving way to the anticipated break above 159.50, with prices currently trading around 159.65. Immediate focus is on congestion resistance at 160.00. But mixed intraday studies could limit any initial tests in consolidation, before improving daily readings prompt a break. Gains from the 155.25~ post-intervention low of 3 August will then focus on the 160.60 Fibonacci retracement. But mixed/negative weekly charts could limit any tests in renewed selling interest/consolidation.
Meanwhile, support is raised to the 159.50 congestion tops. A close back beneath here will turn sentiment neutral once again and give way to fresh consolidation in congestion centred around 159.00.