Chart USD/JPY Update: Above 162.00 return focus to 162.70/84 highs
Bounce from the 161.28 Friday's low to regain the 162.00 level keep pressure on the upside and sets up scope for retest of the 162.70 and 162.84 highs
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.95 | ** | Nov 1986 high | S1 | 162.00 | * | congestion | |
| R3 | 164.00 | * | Dec 1986 high | S2 | 161.28/00 | * | 10 Jul low, congestion | |
| R2 | 163.00 | * | congestion from Dec 1986 | S3 | 160.72 | * | Apr high | |
| R1 | 162.84 | ** | 1 Jul multi-year high | S4 | 160.48 | ** | 3 Jul low |
Asterisk denotes strength of level
00:35 GMT - Bounce from the 161.28 Friday's low to regain the 162.00 level keep pressure on the upside and sets up scope for retest of the 162.70 and 162.84 highs. However, mixed daily studies suggest consolidation below here seen for now though bullish structure keeps suggest potential for break going forward. Clearance will extend the underlying bull trend and see room to the 163.00/164.00 congestion and high of December 1986. Meanwhile, support at the 161.28 and 160.48 lows now underpin. Would take break to fade the upside pressure and see deeper pullback to retrace strong gains from the May low.