Published: 2025-07-18T07:28:25.000Z
Chart GBP/JPY Update: Back to pressure 199.80 high
Technical Analyst
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Bounce at the 198.00 support see pressure returning to the upside to retest the 199.80 high
| 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
07:30 GMT - Bounce at the 198.00 support see pressure returning to the upside to retest the 199.80 high. Break here and the 200.00 level will further extend gains and retrace the sharp July/August 2024 losses to the 200.70 resistance. Higher still, will see room to 201.50, 76.4% Fibonacci level. Meanwhile, support at the 198.00 congestion should underpin. Would take break to unwind the overbought daily studies and open up deeper pullback to retrace strong gains from the April YTD low at 184.35 to the 196.80/196.40, congestion and May high.