Chart USD/JPY Update: Consolidating JPY-driven gains - studies improving
Sharp JPY-driven gains have spiked above congestion resistance at 150.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 152.00 | ** | congestion | S1 | 149.00 | * | congestion | |
| R3 | 151.20 | ** | 28 Mar (m) high | S2 | 148.00 | * | break level | |
| R2 | 150.92 | ** | 1 Aug (m) high | S3 | 147.00 | ** | range lows | |
| R1 | 150.00 | ** | congestion | S4 | 146.00 | ** | break level |
Asterisk denotes strength of level
14:00 BST - Sharp JPY-driven gains have spiked above congestion resistance at 150.00, reaching 150.45~ before settling back below 150.00 as overbought intraday studies unwind. Daily readings have turned higher and broader weekly charts are mixed/positive, highlighting room for further strength in the coming sessions. A close above 150.00 will open up strong resistance at the 150.92 monthly high of 1 August and the 151.20 monthly high of 28 March. A further close above here is needed to turn sentiment positive and confirm continuation of April gains, initially to congestion around 152.00. Meanwhile, support is raised to congestion around 149.00. A close beneath here would turn sentiment neutral and prompt consolidation above 148.00.