Chartbook: Chart USD/JPY: Above 152.00 return focus to 160.00/161.95 highs

Corrective pullback from the November high at 156.75 has given way to rebound at the 148.50, 50% Fibonacci level. Renewed strength through the 152.00 resistance return focus to the upside and see room to extend gains within the 2-year bull channel.

Break above the 156.75 high will open up the strong resistance at the 160.00 level and 161.95 high to retest. However, this area is expected to cap and unwind the overbought daily studies. A later break, if seen, will open up further extension within the bull channel from the January 2023 year low which extend to the 167.00/168.00 area going into 2025 Q1. 

Meanwhile, support at the 152.00 level expected to buoy on corrective pullback. Would take break here to fade the upside pressure open up room for deeper pullback to the 148.50 support. Lower still will see scope to the channel support at the 144.00 level then the critical 140.00 level.