Published: 2025-07-24T07:21:44.000Z
Chart GBP/JPY Update: Consolidating, but room for deeper pullback
Technical Analyst
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Still limited below the 198.00 level but risk seen for break to trigger deeper pullback from the 199.80/200.00, current year highs
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 203.80 | * | 12 Jul 2024 low | S1 | 198.00 | * | congestion | |
| R3 | 201.50 | * | 76.4% Jul/Aug 2024 fall | S2 | 196.80 | * | congestion | |
| R2 | 200.70 | * | May 2024 high | S3 | 196.40/00 | ** | May high, congestion | |
| R1 | 200.00 | ** | 18 Jul YTD high | S4 | 195.35 | ** | 2 Jul low |
Asterisk denotes strength of level
07:15 GMT - Still limited below the 198.00 level but risk seen for break to trigger deeper pullback from the 199.80/200.00, current year highs. Lower will open up room for deeper pullback to unwind overbought daily studies to strong support at the 196.80/196.40, congestion and May high. Would take break above the 200.00 high to further retrace the sharp July/August 2024 losses to target the 200.70 resistance. Higher still, will see scope for extension to 201.50, 76.4% Fibonacci level.