Chart USD/JPY Update: Extending gains in both USD- and JPY-driven trade
Choppy trade above support at 161.00 has given way to fresh USD- and JPY-driven gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.95 | * | December 1986 high | S1 | 161.50 | intraday break level | ||
| R3 | 163.00 | * | historic congestion | S2 | 161.00 | * | intraday lows | |
| R2 | 161.95 | ** | July 2024 multi-year high | S3 | 160.00 | ** | congestion | |
| R1 | 161.80 | 18 Jun YTD high | S4 | 159.50~ | * | 11 Jun (w) low |
Asterisk denotes strength of level
13:50 BST - Choppy trade above support at 161.00 has given way to fresh USD- and JPY-driven gains, with prices currently pressuring resistance at the 161.80 current year high of 18 June. Daily readings are positive and broader weekly charts are also rising, highlighting room for further strength in the coming sessions. However, a close above critical multi-year resistance at the 161.95 high of July 2024 is needed confirm continuation of long-term bull trends, initially towards historic congestion around 163.00. Meanwhile, support is raised to 161.50. But a close below 161.00, if seen, would turn sentiment neutral and prompt fresh consolidation above 160.00.