Chart USD/JPY Update: Focus shift to 158.88, 2025 year high
Break above the 157.90 November high and 158.00 level has seen prices extending gains to 158.20 intraday high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | Jul 2024 year high | S1 | 157.30/00 | * | 5 Jan high, congestion | |
| R3 | 160.00 | * | figure | S2 | 156.00 | * | congestion | |
| R2 | 158.88 | ** | 10 Jan 2025 year high | S3 | 155.00 | * | congestion | |
| R1 | 158.20 | intraday high | S4 | 154.40/35 | ** | Dec lows |
Asterisk denotes strength of level
00:50 GMT - Break above the 157.90 November high and 158.00 level has seen prices extending gains to 158.20 intraday high. Consolidation at the 158.00 level see prices unwinding overbought intraday studies. Positive daily and weekly studies suggest this giving way to further gains later to extend the April gains and see room for extension to retest the 158.88, January 2025 year high, where reaction can be expected. Meanwhile, support is raised to the 157.30/00 congestion area which should now underpin. Would take break here to fade the upside pressure and open up room for pullback to retest of support at 156.00/155.00 congestion area.