Chart GBP/JPY Update: Consolidating above 212.00
Turned up from the 210.40 spike low of last week as prices consolidate rejection from the 216.60, 30 April current year high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 216.60 | ** | 30 Apr YTD high | S1 | 212.00 | * | congestion | |
| R3 | 216.00 | * | congestion | S2 | 210.40 | * | 30 Apr low | |
| R2 | 215.00 | * | Feb high, congestion | S3 | 209.60 | * | Jan low | |
| R1 | 214.00 | * | 17 Apr low | S4 | 208.00 | * | congestion |
Asterisk denotes strength of level
07:10 GMT - Turned up from the 210.40 spike low of last week as prices consolidate rejection from the 216.60, 30 April current year high. Bounce to regain the 21.00 level see prices unwinding oversold intraday studies but this is expected to give way to renewed selling pressure later. Resistance is lowered to 214.00/215.00 congestion area which is expected to cap. Lower high sought to further pressure the downside later. Below 212.00 support and 210.40 low will see deeper pullback to extend losses from 216.60 high to 209.60 support. Lower still, will turn focus to 208.00 congestion and 207.50, February current year low.