Chart USD/JPY Update: Cautious trade at multi-year highs
Still little change, as prices extend cautious trade following the test of critical resistance at the 161.95 multi-year high of July 2024
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 165.00 | * | historic congestion | S1 | 161.50 | intraday break level | ||
| R3 | 163.95 | * | December 1986 high | S2 | 161.00 | * | intraday lows | |
| R2 | 163.00 | * | historic congestion | S3 | 160.00 | ** | congestion | |
| R1 | 161.95 | ** | July 2024 multi-year high | S4 | 159.50~ | * | 11 Jun (w) low |
Asterisk denotes strength of level
13:55 BST - Still little change, as prices extend cautious trade following the test of critical resistance at the 161.95 multi-year high of July 2024. Daily readings are coming under pressure, highlighting room for a minor pullback, with a break below 161.50 targeting intraday lows around 161.00. Continuation beneath here will open up congestion around 160.00. But rising weekly charts should prompt renewed buying interest towards here and limit any initial tests in consolidation. Following cautious/corrective trade, fresh gains are looked for. However, a close above 161.95 is needed to confirm continuation of long-term bull trends, initially towards historic congestion around 163.00.