Chart GBP/JPY Update: Room to extend pullback from 209.00 high
Down to pressure the 207.20 support as prices unwind overbought intraday and daily studies
| 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 | ** | 9 Dec YTD high | S4 | 204.00 | ** | congestion |
Asterisk denotes strength of level
07:50 GMT - Down to pressure the 207.20 support as prices unwind overbought intraday and daily studies. Would take break here to open up room for deeper correction to retrace gains from the 199.05, November low. Lower will see room for deeper pullback to the 206.20/00 congestion then the strong support at the 205.30/204.00, October highs. Meanwhile, resistance is lowered to the 208.00 congestion which should cap and sustain pullback from the 209.00 high. Break of the latter, if seen, will further extend the underlying bull trend from the 2011 year low to target the 210.50/212.00 congestion area and 214.10, August 2008 high.