Chart USD/JPY Update: Pressuring critical resistance in both USD- and JPY-driven trade
Cautious trade is giving way to a fresh push higher in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 165.00 | ** | figure | S1 | 162.00 | * | congestion | |
| R3 | 163.95 | ** | December 1986 high | S2 | 161.50 | * | intraday break level | |
| R2 | 163.00 | * | historic congestion | S3 | 161.00 | * | intraday lows | |
| R1 | 162.85~ | ** | 1 July multi-year high | S4 | 160.72 | * | 30 Apr (m) high |
Asterisk denotes strength of level
14:10 BST - Cautious trade is giving way to a fresh push higher in both USD- and JPY-driven trade, with prices currently pressuring critical resistance at the 162.85~ multi-year high of 1 July. Daily readings are mixed/positive, suggesting initial tests could give way to consolidation, before rising weekly and longer-term charts prompt further gains. A close above here will turn sentiment positive and extend long-term gains towards the 163.95 high of December 1986. Meanwhile, support remains at congestion around 162.00. A close beneath here, if seen, will open up 161.50. But a further close below the 160.72 monthly high of 30 April would confirm a near-term top in place and put initial focus on 160.00.