Chart USD/JPY Update: Range extension
Little change, as mixed intraday studies keep near-term sentiment cautious and prompt further consolidation within the 162.00 - 162.50 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 163.95 | ** | December 1986 high | S1 | 162.00 | * | congestion | |
| R3 | 163.00 | * | historic congestion | S2 | 161.50 | * | intraday break level | |
| R2 | 162.85~ | ** | 1 July multi-year high | S3 | 161.00 | * | intraday lows | |
| R1 | 162.50 | historic congestion | S4 | 160.72 | * | 30 Apr (m) high |
Asterisk denotes strength of level
13:50 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and prompt further consolidation within the 162.00 - 162.50 range. Daily readings are mixed/positive and broader weekly charts are rising, suggesting room for a test above congestion resistance at 162.50. But a further close above the 162.85~ current year high of 1 July is needed to turn sentiment positive and extend long-term gains towards the 163.95 high of December 1986. Meanwhile, a close below 162.00 will open up 161.50. But a close below the 160.72 monthly high of 30 April would confirm a near-term top in place at 162.85~ and put initial focus on 160.00.