Published: 2024-11-08T06:48:11.000Z
Chart GBP/JPY Update: Lower in consolidation below 199.80 high
Technical Analyst
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Lower in consolidation from the 199.55 high with as prices unwind overbought intraday and daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 202.00 | * | congestion | S1 | 196.00 | ** | 27 Sep high, congestion | |
| R3 | 201.50 | * | 76.4% Jul/Aug fall | S2 | 195.35 | * | 31 Oct low | |
| R2 | 200.50 | * | Apr high | S3 | 193.50 | ** | 2 Sep high, congestion | |
| R1 | 199.80/00 | ** | 30 Oct high, congestion | S4 | 192.00 | * | 16 Aug high, congestion |
Asterisk denotes strength of level
06:40 GMT - Lower in consolidation from the 199.55 high with as prices unwind overbought intraday and daily studies. Scope now seen for pullback to retest the 196.00 support and 195.35 low of last week. Would take break here to confirm a top in place at the 199.80 high and see deeper pullback to retrace gains from the 184.00, September low. Lower will see room to the strong support at the 193.50 and 192.00, previous highs and congestion area. Meanwhile, resistance at the 199.55 high and the 199.80/200.00 area expected to cap. Clearance, if seen, will further retrace the July/August losses.