Published: 2024-10-29T07:24:09.000Z
Chart GBP/JPY Update: Extending gains, but stretched
Technical Analyst
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Settled back in consolidation from the 199.35 high as prices unwind the overbought intraday studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 201.50 | * | 76.4% Jul/Aug fall | S1 | 198.00 | * | congestion | |
| R3 | 200.50 | * | Apr high | S2 | 196.00 | ** | 27 Sep high, congestion | |
| R2 | 200.00 | ** | figure, congestion | S3 | 193.50 | ** | 2 Sep high | |
| R1 | 199.45 | * | 30 Jul high | S4 | 192.00 | * | congestion |
Asterisk denotes strength of level
07:20 GMT - Settled back in consolidation from the 199.35 high as prices unwind the overbought intraday studies. Daily studies are stretched as well and see nearby support raised to the 198.00 level. Break here will turn focus lower to the strong support at the 196.00, September high. Below the latter will open up room for deeper pullback to the 193.50, 2 September high. Meanwhile, resistance is at the 199.45, 30 Jul high, now expected to cap. Break here, if seen, will further extend gains from the August low to the 200.00/200.50, figure and April high.