Published: 2024-12-19T11:24:10.000Z
Chart USD/JPY Update: Extending September gains in USD- and JPY-driven trade
Senior Technical Strategist
1
Anticipated gains have extended in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 158.85 | * | 16 Jul (w) high | S1 | 156.00 | * | congestion | |
| R3 | 158.00 | * | congestion | S2 | 155.00 | * | congestion | |
| R2 | 157.00 | * | congestion | S3 | 154.00 | * | break level | |
| R1 | 156.65 | ** | 76.4% ret of Jul-Sep fall | S4 | 153.00 | * | break level |
Asterisk denotes strength of level
11:10 GMT - Anticipated gains have extended in both USD- and JPY-driven trade, with prices currently testing levels within resistance at the 156.65 Fibonacci retracement and congestion around 157.00. Daily stochastics are flat in overbought areas, suggesting potential for consolidation around here. But the daily Tension Indicator continues to rise and broader weekly charts are improving, highlighting room for a later break and extension of September gains towards 158.00. Meanwhile, immediate support is at congestion around 156.00 and extends to 155.00. This broad area should underpin any immediate setbacks.