Chart USD/JPY Update: Leaning lower
Little change, as prices extend pressure on congestion support at 159.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.95 | ** | December 1986 high | S1 | 159.00 | * | congestion | |
| R3 | 160.40 | ** | April 1990 (y) high | S2 | 158.00 | * | break level | |
| R2 | 160.00 | ** | historic congestion | S3 | 157.00 | congestion | ||
| R1 | 159.75 | ** | 13 Mar YTD high | S4 | 156.45 | * | 4 Mar low |
Asterisk denotes strength of level
14:00 GMT - Little change, as prices extend pressure on congestion support at 159.00. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is turning down, highlighting room for a break beneath here towards 158.00. But positive weekly charts should limit any initial tests in consolidation. A break, however, would add weight to sentiment and open up a test of congestion around 157.00. Meanwhile, resistance remains at the 159.75 current year high of 13 March and extends to historic congestion around 160.00. But a close above critical resistance at the 160.40 year high of April 1990 is needed to turn sentiment positive and extend long-term bullish trends.