Chart USD/JPY Update: Room for higher in USD- and JPY-driven trade
Choppy trade within the broad 155.95/00 - 157.00 range has given way to a bounce higher in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | congestion | S1 | 157.00 | * | congestion | |
| R3 | 159.75 | ** | intraday lows | S2 | 155.95/00 | ** | 50% ret; congestion | |
| R2 | 159.00 | * | congestion | S3 | 155.25 | ** | 61.8% ret of Sep rally | |
| R1 | 158.00 | ** | congestion | S4 | 155.00 | minor congestion |
Asterisk denotes strength of level
13:35 GMT - Choppy trade within the broad 155.95/00 - 157.00 range has given way to a bounce higher in both USD- and JPY-driven trade, with prices currently trading around 157.45. Rising intraday studies and a tick higher in oversold daily stochastics suggest room for continuation towards congestion resistance at 158.00. But the bearish daily Tesion Indicator should limit any initial tests in consolidation, before mixed/positive weekly charts prompt a break.
Meanwhile, support is raised to congestion around 157.00. A close back beneath here would help to stabilise price action and prompt consolidation above strong support at 155.95/00.