Published: 2024-04-26T13:39:46.000Z
Chart USD/JPY Update: Sharp break higher in JPY-driven trade
Senior Technical Strategist
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Cautious trade has given way to a fresh break higher in JPY-driven trade
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 159.20 | ** | May 1990 high | S1 | 155.00 | congestion | ||
R3 | 158.00 | * | congestion | S2 | 154.50 | congestion | ||
R2 | 157.55 | 3 May 1990 low | S3 | 154.00 | * | congestion | ||
R1 | 157.00 | figure | S4 | 153.00 | * | congestion |
Asterisk denotes strength of level
14:25 BST - Cautious trade has given way to a fresh break higher in JPY-driven trade, with prices extending broad bullish trends towards levels from May 1990. Focus is on 155.00, with potential for continuation towards the 157.55 low of 3 May 1990. However, a tick higher in daily readings and positive weekly charts highlight room for still further strength in the coming sessions. Meanwhile, support is raised to 155.00. A close beneath here would turn sentiment neutral and prompt consolidation around 154.50.