Chart USD/JPY Update: Choppy trade, focus return to 159.45/90 highs
Rebound from the 157.50 low to regain the 159.00 level return focus to the 159.45 January high and 159.90, 18 March current year high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.00 | * | congestion | S1 | 158.00 | * | congestion | |
| R3 | 160.00 | * | congestion | S2 | 157.50 | ** | 9 Feb high, congestion | |
| R2 | 159.90 | ** | 18 Mar YTD high | S3 | 157.00 | * | congestion | |
| R1 | 159.45 | * | Jan high | S4 | 156.45 | * | 5 Mar low |
Asterisk denotes strength of level
01:00 GMT - Rebound from the 157.50 low to regain the 159.00 level return focus to the 159.45 January high and 159.90, 18 March current year high. Daily studies are mixed and suggest the latter can be expected to cap. Clearance here, if seen, will see room for extension to the 161.00 level then the 161.95, July 2024 multi-year high. Meanwhile, support is raised to the 158.00 level ahead of the 157.50 low. Would take break here to open up room for deeper pullback to retrace strong gains from the 152.27, February low. Lower will see room to 157.00 congestion then the 156.45/00 area.