Chart USD/JPY Update: Balanced at critical resistance
Still little change, as prices extend cautious trade beneath resistance at the 161.93 current year high of 22 June
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.95 | * | December 1986 high | S1 | 161.50 | intraday break level | ||
| R3 | 163.00 | * | historic congestion | S2 | 161.00 | * | intraday lows | |
| R2 | 161.95 | ** | July 2024 multi-year high | S3 | 160.00 | ** | congestion | |
| R1 | 161.93 | 22 Jun YTD high | S4 | 159.50~ | * | 11 Jun (w) low |
Asterisk denotes strength of level
14:05 BST - Still little change, as prices extend cautious trade beneath resistance at the 161.93 current year high of 22 June. Daily readings are mixed/positive and broader weekly charts are also rising, highlighting room for further strength in the coming sessions. However, a close above critical multi-year resistance at the 161.95 high of July 2024 is needed confirm continuation of long-term bull trends, initially towards historic congestion around 163.00. Meanwhile, support remains at 161.50. But a close below 161.00, if seen, would turn sentiment neutral and prompt fresh consolidation above 160.00.