Chart USD/JPY Update: Higher in JPY-driven trade
Cautious trade around 158.00 has given way to a push higher in JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 multi-year high | S1 | 158.00 | * | break level | |
| R3 | 160.00 | ** | congestion | S2 | 157.00 | congestion | ||
| R2 | 159.45 | * | 14 Jan YTD high | S3 | 156.00 | * | congestion | |
| R1 | 158.88 | ** | 10 Jan 2025 (y) high | S4 | 155.00 | * | break level |
Asterisk denotes strength of level
14:05 GMT - Cautious trade around 158.00 has given way to a push higher in JPY-driven trade, with prices currently balanced around 158.75. A tick higher in daily stochastics and the flattening daily Tension Indicator highlight room for a test of the 158.88 year high of 10 January 2025. But mixed weekly charts should limit any immediate break in consolidation beneath the 159.45 current year high of 14 January. A close above here, however, will turn sentiment positive and extend multi-year gains initially towards 160.00. Meanwhile, a close below 158.00, if seen, will help to stabilise price action and prompt consolidation above congestion support at 157.00.