Published: 2024-04-30T13:01:26.000Z
Chart USD/JPY Update: Edging higher, but gains to remain limited
Senior Technical Strategist
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Cautious trade is giving way to a move higher
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 160.25/40 | ** | April 1990 year high | S1 | 156.00 | * | congestion | |
R3 | 160.00/20 | ** | congestion; intraday high | S2 | 155.00 | * | congestion | |
R2 | 158.44 | * | 29 Apr (w) high | S3 | 154.50 | * | congestion | |
R1 | 158.00 | * | congestion | S4 | 154.00 | * | congestion |
Asterisk denotes strength of level
13:50 BST - Cautious trade is giving way to a move higher, as oversold intraday studies unwind, with prices currently trading around 157.50. A test of congestion around 158.00 is possible, but negative daily readings and flattening overbought weekly stochastics are expected to limit any further break in selling interest towards the 158.44 weekly high of 29 April. Meanwhile, support is at intraday congestion around 156.00. A close beneath here would add weight to sentiment and open up congestion within 154.50 - 155.00. By-then oversold intraday studies should limit any immediate tests in fresh range trade.