Chart USD/JPY Update: Cautious trade
Little change, as prices extend cautious trade above 160.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 multi-year high | S1 | 160.00 | ** | congestion | |
| R3 | 161.00 | ** | Jun-Jul 2024 congestion | S2 | 159.00 | * | congestion | |
| R2 | 160.72 | ** | 30 Apr YTD high | S3 | 158.60~ | * | 20 May (w) low | |
| R1 | 160.40 | 8 Jun high | S4 | 158.00 | ** | congestion |
Asterisk denotes strength of level
13:35 BST - Little change, as prices extend cautious trade above 160.00. Intraday studies are coming under pressure and overbought daily stochastics are turning down, highlighting room for a test beneath here. But the positive daily Tension Indicator and rising weekly charts should limit any break in renewed buying interest/consolidation above further congestion around 159.00. Following cautious/corrective trade, fresh gains are looked for. However, a close above strong resistance at the 160.72 current year high of 30 April is needed to turn sentiment positive and extend September 2024 gains towards critical multi-year resistance at the 161.95 year high of July 2024.