Chart GBP/JPY Update: Extending gains
Clear break above the 192.00 level further extend gains from the 188.07 low to approach the March high at 193.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 196.00 | * | congestion | S1 | 190.60 | * | 9 Dec low | |
| R3 | 195.35 | ** | 31 Oct low | S2 | 190.00 | * | congestion | |
| R2 | 194.00 | * | congestion | S3 | 188.07/00 | ** | 3 Dec low, congestion | |
| R1 | 193.50 | * | Mar high, congestion | S4 | 187.55 | * | 61.8% Aug/Oct rally |
Asterisk denotes strength of level
07:35 GMT - Clear break above the 192.00 level further extend gains from the 188.07 low to approach the March high at 193.50. Daily studies are still tracking higher and break here will further correct losses from the October high and see scope to the 194.00 congestion. Higher still, if seen, will see room to the strong resistance at the 195.35, 31 October low. Correction expected to give way to selling pressure later with support raised to the 190.60/190.00 area and where break will expose the 188.07 low to retest. Below this will see further retracement of the August/October rally to the 187.55, 61.8% Fibonacci retracement, and 186.00 congestion.