Published: 2024-12-09T07:01:12.000Z
Chart GBP/JPY Update: Limited bounce, room for lower
Technical Analyst
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No follow-through on break above the 192.00 congestion but stronger gains not ruled out as the daily studies are still positive
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 195.35 | ** | 31 Oct low | S1 | 190.00 | * | congestion | |
| R3 | 194.00 | * | congestion | S2 | 188.00 | * | congestion | |
| R2 | 193.50 | * | Mar high, congestion | S3 | 187.55 | * | 61.8% Aug/Oct rally | |
| R1 | 192.00 | * | congestion | S4 | 186.00 | * | congestion |
Asterisk denotes strength of level
06:55 GMT - No follow-through on break above the 192.00 congestion but stronger gains not ruled out as the daily studies are still positive. Higher will see room to further correct losses from the October high and see scope to retest the March high at 193.50 and the 194.00 congestion. Corrective gains are expected to give way to selling pressure later with support raised to the 190.00 level where break here will expose the 188.00 low to retest. Below this will see room to further retrace the August/October rally to the 187.55, 61.8% Fibonacci retracement, and 186.00 congestion.