Chart USD/JPY Update: Pushing higher in JPY-driven trade
Choppy trade within the broad 156.00 - 157.00 range has given way to a push higher, with JPY-driven gains currently testing resistance within the 157.50 - 158.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | historic congestion | S1 | 156.35 | ** | 50% ret of Feb-Mar rally | |
| R3 | 159.00 | * | congestion | S2 | 156.00 | ** | congestion | |
| R2 | 158.00 | ** | congestion | S3 | 155.40 | ** | 61.8% ret of Feb-Mar rally | |
| R1 | 157.50 | ** | 19 Mar (w) low | S4 | 155.00 | ** | congestion |
Asterisk denotes strength of level
13:45 BST - Choppy trade within the broad 156.00 - 157.00 range has given way to a push higher, with JPY-driven gains currently testing resistance within the 157.50 - 158.00 range. Oversold daily stochastics ticked higher, suggesting room for a test above congestion resistance at 158.00. But the negative daily Tension Indicator and bearish weekly charts should limit scope in renewed selling interest/consolidation beneath further congestion around 159.00. Meanwhile, support remains down to the 156.35 Fibonacci retracement and extends to congestion around 156.00. A close beneath here would add weight to sentiment and extend late-April losses below the 155.40 retracement towards 155.00.