Published: 2025-07-15T07:29:53.000Z
Chart GBP/JPY Update: Leaning lower from 199.80, current year high
Technical Analyst
1
Edging lower from the 199.80 fresh year high as prices unwind the overbought daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 203.80 | * | 12 Jul 2024 low | S1 | 198.00 | * | congestion | |
| R3 | 201.50 | * | 76.4% Jul/Aug 2024 fall | S2 | 196.80 | * | congestion | |
| R2 | 200.70 | * | May 2024 high | S3 | 196.40 | ** | May high | |
| R1 | 199.80 | ** | Oct high | S4 | 195.35 | ** | 2 Jul low |
Asterisk denotes strength of level
07:20 GMT - Edging lower from the 199.80 fresh year high as prices unwind the overbought daily studies. Support is at the 198.00 congestion and see break here needed to open up deeper pullback correct choppy gains from the 192.00, 22 May low. Lower will see room to strong support at the 196.80/196.40 congestion and May high. Meanwhile, resistance at 199.80 high is expected to cap. Would take break here to further retrace the sharp July/August 2024 losses and see room to 200.70 resistance then 201.50, 76.4% Fibonacci level.