Chart USD/JPY Update: Fresh year high in JPY-driven trade
Anticipated gains have posted a fresh year high around 158.20
| 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 | 158.00/20 | * | break level; fresh YTD high | S4 | 154.34 | * | 5 Dec (m) low |
Asterisk denotes strength of level
13:35 GMT - Anticipated gains have posted a fresh year high around 158.20 in JPY-driven trade, before settling into consolidation beneath 158.00, as overbought intraday studies unwind. A minor pullback is possible, but rising daily readings are expected to limit scope in renewed buying interest above congestion support at 157.00. Following cautious/corrective trade, fresh gains are looked for. A break above 158.00/20 will improve price action and extend April 2025 gains towards 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, a close below 157.00, if seen, should be limited in renewed buying interest above further congestion around 156.00.