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Published: 2025-07-02T07:23:07.000Z

Chart GBP/JPY Update: Leaning lower from 198.80, June high

byPakLai Ng

Technical Analyst
-

Leaning lower from the June current year high at 198.80 as prices unwind overbought daily studies

 LevelsImpComment   LevelsImpComment
R4200.70*23 Jul 2024 low S1196.40/00*May high, congestion
R3199.80**Oct high S2194.00**congestion
R2198.80/00**27 Jun YTD high, congestion S3 193.30*38.2% Apr/Jun rally
R1198.00*congestion S4 192.00*22 May low, congestion

Asterisk denotes strength of level

07:20 GMT - Leaning lower from the June current year high at 198.80 as prices unwind overbought daily studies. Bounce from the 196.40/00 support area see prices unwinding the oversold intraday studies but this is expected to meet with fresh selling pressure later. Break of the 196.40/00 support will fade the upside pressure and see deeper retracement of the April/June rally to the 194.00 congestion then 193.30, 38.2 Fibonacci level. Meanwhile, resistance is lowered to 198.00 congestion which is expected to cap and sustain losses from the 198.80 high. 

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Topics
GBP/JPY-TA
DM-Technical
Technical Analysis

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