Chart USD/JPY Update: Leaning lower in consolidation
Leaning lower in consolidation from the 159.75 current year high as prices unwind overbought intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | Jul 2024 year high | S1 | 159.00 | * | congestion | |
| R3 | 161.00 | * | congestion | S2 | 158.00 | * | congestion | |
| R2 | 160.00 | ** | figure | S3 | 157.65 | ** | 9 Feb high | |
| R1 | 159.75 | ** | 13 Mar YTD high | S4 | 157.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - Leaning lower in consolidation from the 159.75 current year high as prices unwind overbought intraday studies. Daily chart are stretched as well but prices still holding the nearby support at 159.00/158.90. Would take break here to open up room deeper corrective pullback to the 158.50/158.00 congestion area. Below this see strong support at the 157.65 expected to underpin and limit corrective pullback. Meanwhile, resistance remains at the 159.45 and 159.75 highs. A later break here and will further extend gains within the bull channel from the April low and see room to retest the 160.00 figure. Break here will turn focus to 161.95, 2024 year high.