Published: 2025-07-07T13:08:52.000Z
Chart USD/JPY Update: Consolidation giving way to a run higher
Senior Technical Strategist
2
Cautious trade has given way to a USD- and JPY-driven bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 149.35 | ** | 50% ret of Jan-Apr fall | S1 | 145.00 | * | congestion | |
| R3 | 148.50 | ** | 76.4% ret of Mar-Apr fall | S2 | 144.00 | * | congestion | |
| R2 | 148.00 | ** | break level | S3 | 142.80 | * | 13 Jun (w) low | |
| R1 | 146.00 | * | break level | S4 | 142.00/10 | ** | cong; 27 May (m) low |
Asterisk denotes strength of level
13:55 BST - Cautious trade has given way to a USD- and JPY-driven bounce, with the break above 145.00 currently trading around 145.60. Rising intraday and daily studies highlight potential for continuation to 146.00. But any break above here is expected to give way to consolidation beneath 148.00, as weekly studies flatten in overbought areas. Meanwhile, support is at congestion around 145.00. An unexpected close beneath here will turn sentiment neutral once again and give way to consolidation above further congestion around 144.00.