Chart USD/JPY Update: Strong resistance at 157.90/00
The anticipated break above 157.00 is meeting selling interest beneath strong resistance at the 157.90 monthly high of 20 November and the 158.00 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 (y) high | S1 | 157.00 | congestion | ||
| R3 | 160.00 | ** | congestion | S2 | 156.00 | * | congestion | |
| R2 | 158.88 | ** | 10 January 2025 (y) high | S3 | 155.00 | * | break level | |
| R1 | 157.90/00 | * | 20 Nov (m) high; break level | S4 | 154.34 | * | 5 Dec (m) low |
Asterisk denotes strength of level
13:50 GMT - The anticipated break above 157.00 is meeting selling interest beneath strong resistance at the 157.90 monthly high of 20 November and the 158.00 break level, as overbought intraday studies unwind. However, daily readings have ticked higher, suggesting room for a later break above here and continuation of April 2025 gains. Focus will then turn to strong resistance at the 158.88 year high of 10 January 2025. But negative weekly charts should limit any initial tests in profit-taking/consolidation. Meanwhile, support is raised to congestion around 157.00 and extends to further congestion around 156.00. This broad range should underpin any immediate setbacks. A close below the 154.34 monthly low of 5 December is needed to turn sentiment negative and confirm continuation of late-November losses.