Chart USD/JPY Update: Consolidating at 162.00
Higher at the open as prices extend bounce from the 161.28 Friday's low to consolidate rejection from the 162.70 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 164.95 | ** | Nov 1986 high | S1 | 161.00 | * | congestion | |
| R3 | 164.00 | * | Dec 1986 high | S2 | 160.72 | * | Apr high | |
| R2 | 163.00 | * | congestion from Dec 1986 | S3 | 160.48 | ** | 3 Jul low | |
| R1 | 162.84 | ** | 1 Jul multi-year high | S4 | 160.00 | * | congestion |
Asterisk denotes strength of level
01:00 GMT - Higher at the open as prices extend bounce from the 161.28 Friday's low to consolidate rejection from the 162.70 high. However, daily studies have turned mixed and suggest ranging action likely below the latter and 162.84 high. While the latter cap scope is seen for pullback to support at the 161.00 congestion. Would take break here to expose strong support at the 160.72 and 160.48 low of 3 July to fade the upside pressure and see deeper pullback to retrace strong gains from the May low. Break above 162.84 high, if seen, will extend the underlying bull trend and see room for gains to the 163.00/164.00 congestion and high of December 1986.