Chart GBP/JPY Update: Consolidating, room for lower later
Little change, as prices extend consolidation above support at the 210.00 level following rejection from the 213.30, March high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 215.00 | ** | 4 Feb YTD high | S1 | 210.00 | ** | congestion | |
| R3 | 214.00 | * | congestion | S2 | 209.20/00 | * | 5 Mar low, channel | |
| R2 | 213.30 | ** | 11 Mar high | S3 | 208.00 | congestion | ||
| R1 | 212.00 | * | congestion | S4 | 207.25 | * | 17 Feb YTD low |
Asterisk denotes strength of level
07:10 GMT - Little change, as prices extend consolidation above support at the 210.00 level following rejection from the 213.30, March high. However, negative daily and weekly studies keep pressure on the downside and highlights risk for break lower to open up room to retest the 209.20/00 congestion and channel support from the April 2025 low. Below here will return focus to the 207.25 February current year low and see scope to extend the February losses from the 215.00 high. Meanwhile, resistance is lowered to 212.00 level which is expected to cap and sustain losses from the 213.30 March highs.