Chart USD/JPY Update: Choppy around 159.00
Little change, as the anticipated test above 159.00 gives way to choppy trade just above here
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | July 2024 congestion | S1 | 158.00 | * | break level | ||
| R3 | 160.45 | ** | 30 Mar YTD high | S2 | 157.35/50 | ** | 38.2% ret; 19 Mar (w) low | |
| R2 | 160.00 | ** | historic congestion | S3 | 157.00 | * | congestion | |
| R1 | 159.00 | * | congestion | S4 | 156.35 | * | 50% ret of Feb-Mar rally |
Asterisk denotes strength of level
14:05 BST - Little change, as the anticipated test above 159.00 gives way to choppy trade just above here. Beyond here is congestion around 160.00. But negative daily readings and mixed/negative weekly charts should prompt renewed selling interest into any extension towards here. Following cautious/corrective trade, fresh losses are looked for. Support remains at 158.00. But a close below the 157.50 weekly low of 19 March will add weight to sentiment and confirm a near-term top in place at the 160.45 current year high of 30 March, as focus then turns to the 157.35 Fibonacci retracement. Beneath here is congestion around 157.00.