Published: 2024-08-13T07:01:31.000Z
Chart GBP/JPY Update: Extending gains
Technical Analyst
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Consolidation below the 188.00 congestion has given way to break to extend gains from the 180.10 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 193.00 | * | congestion | S1 | 186.00 | congestion | ||
| R3 | 191.35 | ** | May low, congestion | S2 | 184.00 | * | congestion | |
| R2 | 190.80 | * | 38.2% Jul/Aug fall | S3 | 182.80 | * | 6 Aug low | |
| R1 | 190.00 | * | figure, congestion | S4 | 180.10/00 | ** | 5 Aug low, figure |
Asterisk denotes strength of level
07:00 GMT - Consolidation below the 188.00 congestion has given way to break to extend gains from the 180.10 low. Higher will see scope to the 190.00/190.80 congestion and 38.2% Fibonacci level. Gains beyond this, if seen, will see room to the strong resistance at the May low at 191.35, which is expected to cap. Gains are seen corrective and expected to give way to renewed selling pressure later. Meanwhile, support now raised to the 186.00 and 184.00 congestion. Would take break here to return focus to the downside for retest of the 182.80 support then the 180.10 low.