Chart USD/JPY Update: Sharp fall from fresh year highs in both USD- and JPY-driven trade
Anticipated gains have posted a fresh year high around 160.70, before falling sharply in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | historic congestion | S1 | 156.35 | ** | 50% ret of Feb-Mar rally | |
| R3 | 159.00 | * | congestion | S2 | 156.00 | ** | congestion | |
| R2 | 158.00 | ** | congestion | S3 | 155.40 | ** | 61.8% ret of Feb-Mar rally | |
| R1 | 157.50 | ** | 19 Mar (w) low | S4 | 155.00 | ** | congestion |
Asterisk denotes strength of level
13:45 BST - Anticipated gains have posted a fresh year high around 160.70, before falling sharply in both USD- and JPY-driven trade. Prices have reached 155.55, before bouncing sharply to currently trade around 156.75. Resistance is at the 157.50 weekly low of 19 March and extends to congestion around 158.00. But negative intraday studies and deteriorating daily readings should prompt renewed selling interest towards here. Following cautious/choppy trade, fresh losses are looked for. A close below the 156.35 Fibonacci retracement will add weight to sentiment and open up congestion around 156.00, ahead of the 155.40 retracement.