Chart GBP/JPY Update: Extending gains
Bulls stays fimly in focus as break of the April 2024 year high at 208.10 see prices extending the broader gains from the 2011 year low to approach the 209.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 214.00/10 | * | congestion, Aug 2008 high | S1 | 207.20 | * | Nov high | |
| R3 | 212.00 | * | congestion | S2 | 206.20/00 | * | congestion | |
| R2 | 210.50 | * | congestion | S3 | 205.30 | ** | Oct high | |
| R1 | 209.00 | * | congestion | S4 | 204.00 | ** | congestion |
Asterisk denotes strength of level
06:45 GMT - Bulls stays fimly in focus as break of the April 2024 year high at 208.10 see prices extending the broader gains from the 2011 year low to approach the 209.00 level. Deep overbought daily and weekly studies caution corrective pullback but bullish momentum suggest corrective likely to remain limited. Higher will see room to resistance at the 210.50 and 212.00 congestion from 2008. Meanwhile, support is raised to the 208.00 congestion and this extend to 207.20 November high. Would take break here to open up room for deeper correction to strong support at 205.30/204.00, October highs.