Chart USD/JPY Update: Approaching year highs in JPY-driven trade
Cautious trade above congestion support at 157.00 has given way to a fresh test higher in 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 | 159.45 | ** | 14 Jan YTD high | S3 | 156.45 | * | 4 Mar low | |
| R1 | 158.90/00 | * | 9 Mar high; cong | S4 | 156.00 | * | congestion |
Asterisk denotes strength of level
13:50 GMT - Cautious trade above congestion support at 157.00 has given way to a fresh test higher in JPY-driven trade, with the break above 158.00 improving sentiment and giving way to consolidation around 158.50. Daily readings have ticked higher and broader weekly charts are positive, highlighting room for further strength in the coming sessions. A close above critical resistance within the 158.90/00 - 159.45 range is needed to turn sentiment positive and extend long-term bullish trends towards fresh resistance within 160.00/40. Meanwhile, any tests beneath 158.00 should give way to consolidation above 157.00.