Published: 2023-12-14T07:56:15.000Z
Chart GBP/JPY Update: Weighing on 178.53/178.00 support, break in focus
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 184.45 | * | 21 Nov low | S1 | 178.00 | * | Oct low, 200-day MA | |
| R3 | 184.00 | * | Jul high | S2 | 176.30 | * | Jul low | |
| R2 | 183.15 | 13 Dec high | S3 | 175.90 | * | 38.2% Jan/Nov rally | ||
| R1 | 182.50 | congestion | S4 | 174.70 | 2 Jun high |
Asterisk denotes strength of level
07:45 GMT - Rejection from the 184.00/184.45 resistance has seen steep drop to retest the 178.53/178.00 support and 200-day MA. Negative daily and weekly studies suggest scope for break here to extend losses from the November YTD high. Break will see deeper pullback to retrace the Jan/Nov rally towards 176.30/175.90, July low and 38.2% Fibonacci retracement. Meanwhile, resistance is now lowered to the 182.00 leveland . Only above this will see room to the strong resistance at the 184.00/184.45 area. Lower high sought to further pressure the downside later with support starting at 180.00 then the 178.53/178.00 area.