Chart USD/JPY Update: Balanced at year highs
Little change, as prices extend consolidation within resistance at the 158.90 high of 9 March and congestion around 159.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.40 | ** | April 1990 (y) high | S1 | 158.00 | * | break level | |
| R3 | 160.00 | ** | historic congestion | S2 | 157.00 | congestion | ||
| R2 | 159.45 | ** | 14 Jan YTD high | S3 | 156.45 | * | 4 Mar low | |
| R1 | 159.00 | * | congestion | S4 | 156.00 | * | congestion |
Asterisk denotes strength of level
14:10 GMT - Little change, as prices extend consolidation within resistance at the 158.90 high of 9 March and congestion around 159.00. Intraday studies are under pressure and overbought daily stochastics are flat, highlighting room for a minor pullback. But the positive daily Tension Indicator and rising weekly charts should limit any downside tests in renewed buying interest/consolidation above 158.00. Following cautious trade, fresh gains are looked for. A later close above critical resistance at the 159.45 current year high of 14 January is needed to turn sentiment positive and extend long-term bullish trends towards fresh resistance within 160.00/40.