Chart USD/JPY Update: Lower in both USD- and JPY-driven trade
Consolidation within strong resistance at the 159.75 current year high of 13 March and historic congestion around 160.00 has given way to a sharp pullback in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.40 | ** | April 1990 (y) high | S1 | 158.00 | * | break level | |
| R3 | 160.00 | ** | historic congestion | S2 | 157.00 | congestion | ||
| R2 | 159.75 | ** | 13 Mar YTD high | S3 | 156.45 | * | 4 Mar low | |
| R1 | 159.00 | * | congestion | S4 | 156.00 | * | congestion |
Asterisk denotes strength of level
13:55 GMT - Consolidation within strong resistance at the 159.75 current year high of 13 March and historic congestion around 160.00 has given way to a sharp pullback in both USD- and JPY-driven trade, with prices currently pressuring support at 158.00. Both intraday and daily studies are falling, highlighting a bearish tone and room for deeper losses. A break beneath here will open up congestion around 157.00. But positive weekly charts should limit any initial tests in short-covering/consolidation. Meanwhile, a close back above congestion resistance at 159.00 would help to stabilise price action and give way to fresh consolidation beneath 159.75/00.