Weekly Chart USD/JPY Update: Extending corrective gains

Turned up from the 156.50/156.00 support to consolidate at the 158.00 level. Clearance here will set up scope for retest the 159.00 level.

Above the latter will further extend gains from the 152.90 September low and see room to the 159.45 January high. Beyond this will return focus to the strong resistance at 160.00 figure and 160.50 congestion area. The latter is expected to cap as corrective gains give way to renewed selling pressure. Below the 157.00 level will open up room for retest of the 156.50/156.00 support.

Break of the latter will return focus to the downside for retest of 155.22/155.00, August/May lows. Break these will expose the 152.90 September low to retest and see scope to extend losses from the 164.00 July current year high.