Chart USD/JPY Update: Edging higher
Cautious trade above congestion support at 160.00 is giving way to a further drift higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 161.95 | ** | July 2024 multi-year high | S1 | 160.00 | ** | congestion | |
| R3 | 161.00 | ** | Jun-Jul 2024 congestion | S2 | 159.00 | * | congestion | |
| R2 | 160.72 | ** | 30 Apr YTD high | S3 | 158.60~ | * | 20 May (w) low | |
| R1 | 160.50 | intraday high | S4 | 158.00 | ** | congestion |
Asterisk denotes strength of level
14:20 BST - Cautious trade above congestion support at 160.00 is giving way to a further drift higher, with prices currently balanced in consolidation beneath 160.50. Rising intraday studies highlight room for a test of strong resistance at the 160.72 current year high of 30 April. But flat overbought daily stochastics are expected to limit any initial tests in consolidation, before the rising daily Tension Indicator and positive weekly charts prompt further gains. A close above here would turn sentiment positive and extend September 2024 gains towards critical multi-year resistance at the 161.95 year high of July 2024. Meanwhile, a close below 160.00 would add weight to sentiment and give way to a deeper pullback, initially targeting congestion around 159.00.