Chartbook: Chart USD/JPY: Retest 158.00/162.00, 2-year range high

Break above the 150.00/152.00 resistance at the start of Q4 has seen gains to approach the January high at 158.00/85 area and extend the broad 2-year ranging pattern within the 162.00/140.00 area.

Resistance at the 158.00/162.00 highs are expected to cap and give way to renewed selling pressure going forward. Pullback see support starting at 152.00/150.00 area and where break will open up room for deeper pullback to retest the 145.00 support. Would take break here to expose the 140.00 figure to retest. Below this will confirm a top in place at the 161.95, July 2024 multi-year high, and see room for extension to the 137.00 congestion area and 135.40, 76.4% Fibonacci retracement of 2023/2024 rally. 

Meanwhile, resistance at the 158.00/162.00 area expected to cap. Clearance, but not expected, will open up room for extension to 165.00 level.