Chart USD/JPY Update: Higher in USD- and JPY-driven trade
Cautious trade has given way to a run higher in both USD- and JPY-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 154.40 | ** | 76.4% ret of Jan-Apr fall | S1 | 151.00 | break level | ||
| R3 | 154.00 | ** | congestion | S2 | 150.00 | ** | congestion | |
| R2 | 153.27 | ** | 10 Oct YTD high | S3 | 149.37 | 17 Oct (w) low | ||
| R1 | 152.00 | congestion | S4 | 149.00 | * | congestion |
Asterisk denotes strength of level
14:00 BST - Cautious trade has given way to a run higher in both USD- and JPY-driven trade, with prices currently consolidating the test of congestion resistance at 152.00. Daily readings are mixed, suggesting potential for consolidation beneath here, before improving weekly charts prompt a break and extend gains towards strong resistance at the 153.27 current year high of 10 October. A further close above here would turn sentiment positive and confirm continuation of April gains towards the 154.40 Fibonacci retracement. Meanwhile, support is raised to 151.00. A close beneath here, if seen, would help to stabilise price action and prompt consolidation above congestion around 150.00.