Chart USD/JPY Update: Within reach of 160.00
Keeping pressure on the upside and break above the 159.65 resistance has seen extension to 159.76 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.72 | ** | 30 Apr YTD high | S1 | 159.00 | * | congestion | |
| R3 | 160.46 | * | Mar high | S2 | 158.60 | * | 18 May low | |
| R2 | 160.00 | ** | figure, congestion | S3 | 158.00 | * | congestion | |
| R1 | 159.76 | 1 Jun high | S4 | 157.50 | ** | congestion |
Asterisk denotes strength of level
01:00 GMT - Keeping pressure on the upside and break above the 159.65 resistance has seen extension to 159.76 high. Focus is on the 160.00 level where reaction can be expected to retest. However, a later break here cannot be ruled out to retest the 160.46 and 160.72 high. However, wuld extend these resistance to cap and give way to fresh selling pressure later. Meanwhile, support is raised to the 159.00 congestion which extend to the 158.60, 18 May low. This area should underpin and sustain gains from the 155.00 May low. Would take break here to open up room for deeper pullback to the strong support at the 158.00/157.50 area.