Chart USD/JPY Update: Cautious trade - daily studies under pressure
Little change, as prices extend cautious trade beneath resistance at the 159.65 weekly high of 29 May
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | ** | Jun-Jul 2024 congestion | S1 | 159.00 | * | congestion | |
| R3 | 160.72 | ** | 30 Apr YTD high | S2 | 158.60~ | * | 20 May (w) low | |
| R2 | 160.00 | ** | congestion | S3 | 158.00 | ** | congestion | |
| R1 | 159.65 | 28 May (w) high | S4 | 157.00 | break level |
Asterisk denotes strength of level
09:00 BST - Little change, as prices extend cautious trade beneath resistance at the 159.65 weekly high of 29 May. Rising intraday studies highlight potential for a test. But mixed/negative daily readings and mixed weekly charts should limit any break in renewed selling interest towards congestion around 160.00. A break, if seen, should meet renewed selling interest beneath critical resistance at the 160.72 current year high of 30 April. Meanwhile, support remains at congestion around 159.00 and extends to the 158.60~ weekly low of 20 May. A close beneath this range would add weight to sentiment and initially open up a test of congestion support at 158.00.