Published: 2024-05-01T07:48:21.000Z
Chart USD/JPY Update: Strong resistance at 158.00/44
Senior Technical Strategist
1
Little change, as prices drift higher in both USD- and JPY-driven trade
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 160.25/40 | ** | April 1990 year high | S1 | 156.00 | * | congestion | |
R3 | 160.00/20 | ** | congestion; 29 Apr YTD 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
08:40 BST - Little change, as prices drift higher in both USD- and JPY-driven trade towards congestion resistance at 158.00. A break will open up the 158.44 weekly high of 29 April, but deteriorating daily readings and flattening overbought weekly stochastics are expected to limit any initial tests in fresh consolidation. A close above here, however, will improve price action and put focus back on critical resistance at 160.00/20. Meanwhile, support remains at 156.00. A close beneath here would add weight to sentiment and initially open up congestion within 154.50 - 155.00.