Chart USD/JPY Update: Consolidating - daily studies under pressure
Little change, as prices extend cautious trade above congestion support at 156.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | Jul 2024 | S1 | 156.00 | * | congestion | |
| R3 | 160.00 | ** | congestion | S2 | 155.00 | * | break level | |
| R2 | 158.88 | ** | 10 Jan YTD high | S3 | 154.00 | * | break level | |
| R1 | 157.90/00 | * | 20 Nov (w) high; break level | S4 | 153.00 | * | congestion |
Asterisk denotes strength of level
08:45 GMT - Little change, as prices extend cautious trade above congestion support at 156.00. Intraday studies are falling and daily readings are deteriorating, highlighting a cautious tone and room for fresh downside tests towards 156.00. However, mixed/positive weekly charts are expected to limit any break in renewed buying interest/consolidation above support at the 155.00 break level. Following cautious trade, fresh gains are looked for. Resistance remains at the 157.90 weekly high of 20 November and the 158.00 break level. But a close above the 158.88 current year high of 10 January is needed to turn sentiment positive and extend September 2024 gains towards historic congestion around 160.00.