Chart USD/JPY Update: Gains to remain limited
Consolidation around 158.50 has given way to a bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 (y) high | S1 | 159.00 | * | congestion | |
| R3 | 161.00 | July 2024 congestion | S2 | 158.00 | * | break level | ||
| R2 | 160.45 | ** | 30 Mar YTD high | S3 | 157.50 | * | 19 Mar (w) low | |
| R1 | 160.00 | ** | historic congestion | S4 | 157.00 | * | congestion |
Asterisk denotes strength of level
14:10 BST - Consolidation around 158.50 has given way to a bounce, as oversold intraday studies unwind, with prices currently balanced around 159.60. A test of congestion resistance at 160.00 cannot be ruled out. But negative daily readings and mixed weekly charts should prompt renewed selling interest/consolidation around here and limit any further break to critical resistance at the 160.45 current year high of 30 March. Meanwhile, support is raised to congestion around 159.00. A break beneath here will open up 158.00. But a further close below the 157.50 weekly low of 19 March is needed to turn sentiment negative and confirm a deeper pullback, initially to congestion around 157.00.