Published: 2025-02-07T06:15:34.000Z
Chart GBP/JPY Update: Consolidating test of 188.07/188.00 support
Technical Analyst
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No follow-through on break of the support at the 188.07/00 area as prices unwind the oversold intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 193.15 | * | 4 Feb high | S1 | 188.07/00 | ** | Dec low, congestion | |
| R3 | 192.00 | * | congestion | S2 | 187.55 | * | 61.8% Aug/Oct rally | |
| R2 | 190.00 | * | congestion | S3 | 186.70 | * | 12 Sep high | |
| R1 | 189.32 | * | Jan low | S4 | 186.00 | * | congestion |
Asterisk denotes strength of level
06:10 GMT - No follow-through on break of the support at the 188.07/00 area as prices unwind the oversold intraday studies. However, bearish structure from the December high suggest consolidation here giving way to break lower later to extend the broader losses from the 199.80, October high. Lower will open up room for extension to the 187.55, 61.8% Fibonaci retracement. Meanwhile, resistance is lowered to the January low at the 189.32/190.00 area which is expected to cap and sustain losses from the 194.74, 24 January lower high.