Chart USD/JPY Update: Pushing higher
Consolidation beneath 158.00 has given way to a break in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.40 | ** | 2 Sep (m) high | S1 | 158.00 | ** | congestion | |
| R3 | 160.00 | ** | congestion | S2 | 157.00 | * | congestion | |
| R2 | 159.75 | ** | intraday lows | S3 | 155.95/00 | ** | 50% ret; congestion | |
| R1 | 159.00 | * | congestion | S4 | 155.25 | ** | 61.8% ret of Sep rally |
Asterisk denotes strength of level
14:05 GMT - Consolidation beneath 158.00 has given way to a break in both USD- and JPY-driven trade, with prices currently trading around 158.20. Mixed intraday studies have ticked higher and daily readings are also showing signs of improvement highlighting room for continuation towards congestion resistance at 159.00. Already overstretched intraday studies could limit any initial tests in range extension beneath here. But broader weekly charts continue to improve, pointing to potential for a later break towards 160.00.
Meanwhile, support is raised to 158.00. A close beneath here would turn sentiment neutral and give way to consolidation/range extension above further congestion around 157.00.