Published: 2025-05-12T07:46:20.000Z
Chart USD/JPY Update: Extending gains
Senior Technical Strategist
1
Cautious trade has given way to a sharp break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 150.00 | ** | break level | S1 | 146.00 | * | break level | |
| R3 | 149.00 | * | congestion | S2 | 145.00 | * | congestion | |
| R2 | 148.50 | ** | 76.4% ret of Mar-Apr fall | S3 | 144.00 | * | congestion | |
| R1 | 148.00 | ** | break level | S4 | 142.00 | * | congestion |
Asterisk denotes strength of level
08:40 BST - Cautious trade has given way to a sharp break higher, with prices currently trading around 147.60. Intraday studies have ticked higher and daily readings continue to strengthen, highlighting room for continuation towards resistance at 148.00. Beyond here is the 148.50 Fibonacci retracement. But already overbought intraday studies could limit any initial tests in consolidation, before prices extend April gains still further. Meanwhile, support is raised to the 146.00 break level and should underpin any immediate setbacks.