Chart USD/JPY Update: Balanced at local highs
Little change, as prices extend cautious trade beneath strong resistance at the 157.90 monthly high of 20 November and the 158.00 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 (y) high | S1 | 157.00 | minor congestion | ||
| R3 | 160.00 | ** | figure | S2 | 156.00 | * | congestion | |
| R2 | 158.88 | ** | 10 Jan YTD high | S3 | 155.00 | * | break level | |
| R1 | 157.90/00 | * | 20 Nov (m) high; break level | S4 | 154.34 | * | 5 Dec (w) low |
Asterisk denotes strength of level
13:55 GMT - Little change, as prices extend cautious trade beneath strong resistance at the 157.90 monthly high of 20 November and the 158.00 break level. Daily readings are rising and broader weekly charts have ticked up, suggesting room for further strength in the coming sessions. A close above 157.90/00 will improve sentiment and extend April gains towards the 158.88 year high of 10 January. However, already overbought weekly stochastics could limit any initial tests in consolidation. Meanwhile, support remains down to congestion around 156.00. A close beneath here, if seen, will stabilise price action. But a further close below the 154.34 weekly low of 5 December is needed to turn sentiment negative and confirm continuation of late-November losses.