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Published: 2025-07-03T06:44:32.000Z

Chart GBP/JPY Update: Extending pullback from 198.80, June high

byPakLai Ng

Technical Analyst
-

Sharply lower through the 196.40/196.00 area as prices extend pullback from the 198.80 high to retrace the April/June rally

 LevelsImpComment   LevelsImpComment
R4200.70*23 Jul 2024 low S1195.00*congestion
R3199.80**Oct high S2194.00**congestion
R2198.80/00**27 Jun YTD high, congestion S3 193.30*38.2% Apr/Jun rally
R1197.50*2 Jul high S4 192.00*22 May low, congestion

Asterisk denotes strength of level

06:40 GMT - Sharply lower through the 196.40/196.00 area as prices extend pullback from the 198.80 high to retrace the April/June rally. Daily and weekly studies have turned down from overbought areas and below the 195.00 congestion will see room for deeper pullback to the 194.00 congestion then 193.30, 38.2% Fibonacci level. Lower still, will turn focus to support at the 192.70/192.00 area. Meanwhile, resistance is lowered to 197.50 mid-week high which is expected to cap and sustain losses from the 198.80 high. 

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Topics
GBP/JPY-TA
DM-Technical
Technical Analysis

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