Published: 2024-11-05T06:30:24.000Z
Chart GBP/JPY Update: Range-bound from the 195.35 low
Technical Analyst
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Little change, as prices extend consolidation above the 196.00 level following bounce from the 195.35 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 201.50 | * | 76.4% Jul/Aug fall | S1 | 196.00 | ** | 27 Sep high, congestion | |
| R3 | 200.50 | * | Apr high | S2 | 195.35 | * | 31 Oct low | |
| R2 | 199.80/00 | ** | 30 Oct high, congestion | S3 | 193.50 | ** | 2 Sep high, congestion | |
| R1 | 198.40 | * | 23 Oct high | S4 | 192.00 | * | 16 Aug high, congestion |
Asterisk denotes strength of level
06:25 GMT - Little change, as prices extend consolidation above the 196.00 level following bounce from the 195.35 low. However, this is expected to give way to renewed selling pressure later and clear break of the 196.00/195.35 area will open up deeper pullback to retrace the September/October rally. Lower will see room to the strong support at the 193.50 and 192.00, previous highs and congestion area. Meanwhile, resistance at the 198.00/198.40 area expected to cap and sustain losses from the 199.80, October high. Above the latter, if seen, will open up stronger gains to retrace the July/August losses.