Chart GBP/JPY Update: Extending bounce from 189.32 low
Extending bounce from the 189.32 low as prices unwind the oversold intraday and daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 195.10 | * | 8 Jan low | S1 | 190.50 | * | congestion | |
| R3 | 194.18 | ** | 2 Jan low | S2 | 189.32 | * | 17 Jan YTD low | |
| R2 | 193.50 | * | 9 Jan low | S3 | 188.07 | ** | Dec low | |
| R1 | 193.00 | * | 15 Jan high | S4 | 187.55 | * | 61.8% Aug/Oct rally |
Asterisk denotes strength of level
07:05 GMT - Extending bounce from the 189.32 low as prices unwind the oversold intraday and daily studies to reach the 192.00 level. Higher see resistance at the 193.00/193.50 area then the 194.18 low of 2 January. Gains are seen corrective of losses from the 198.00/198.95 highs and expected to give way to fresh selling pressure later. Meanwhile, support is raised to 190.50 congestion then the 189.32 low. Break of the latter will extend losses from the December high and see room to the 188.07, December low. Below the latter will extend the broader losses from the 199.80 October high to the 187.55, 61.8% Fibonacci level.