Published: 2025-06-23T07:32:53.000Z
Chart GBP/JPY Update: Rebound return focus to 196.00/196.80 highs
Technical Analyst
3
Choppy trade below resistance at the 196.00/80 congestion and trend line from October high has given way to rebound
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 200.70 | 23 Jul 2024 low | S1 | 196.00 | * | congestion | ||
| R3 | 199.80 | ** | Oct high | S2 | 194.00 | ** | congestion | |
| R2 | 199.00 | ** | Dec high | S3 | 192.70 | * | 3 Jun low | |
| R1 | 198.00 | * | congestion | S4 | 192.00 | ** | congestion, 22 May low |
Asterisk denotes strength of level
07:30 GMT - Choppy trade below resistance at the 196.00/80 congestion and trend line from October high has given way to rebound. Clearance here see prices extending the broader gains from the April YTD low at 184.35 to reach the 198.00 level. Positive daily studies suggest scope for break here to open up room for extension to retest the 199.00 and 199.80, December and October highs. Overbought weekly studies suggest reaction at the latter can be expected. Meanwhile, support is raised to the 196.00 level which is expected to underpin.