Published: 2023-12-12T07:20:07.000Z
Chart GBP/JPY Update: Corrective bounce checked at 184.00/45 resistance
Technical Analyst
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 186.00 | * | congestion | S1 | 182.05/00 | 8 Dec high, congestion | ||
| R3 | 185.05 | 4 Dec low | S2 | 180.76 | 30 Oct low | |||
| R2 | 184.45 | * | 21 Nov low | S3 | 178.53 | ** | 7 Dec low | |
| R1 | 184.00 | * | Jul high | S4 | 177.85 | * | 200-day MA |
Asterisk denotes strength of level
07:10 GMT - Saw rebound from the 178.53 low last week as prices unwind the oversold intraday and daily studies to reach strong resistance at the 184.00/184.45 area. Gains beyond this, if seen, will open up stronger recovery to the 185.05/186.00 area. Corrective bounce expected to give way to selling pressure later and see support starting at the 182.05/00 congestion. Would take break here to return focus to the downside for retest of the 180.76 support. Below this will open up the 178.53 and 178.00, Dec/Oct lows to retest.