Chart GBP/JPY Update: Shallow pullback from the 207.20 November high
Pullback from the 207.20 current year high has seen losses checked at support at 205.30, October high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 212.00 | * | congestion | S1 | 205.30 | * | Oct high | |
| R3 | 210.00 | * | congestion | S2 | 204.00 | * | congestion | |
| R2 | 208.10 | ** | Jul 2024 multi-year high | S3 | 202.30/00 | * | 11 Nov low, congestion | |
| R1 | 207.20 | * | 26 Nov YTD high | S4 | 201.25 | ** | Sep high |
Asterisk denotes strength of level
07:40 GMT - Pullback from the 207.20 current year high has seen losses checked at support at 205.30, October high. Overall bullish gains from the 184.35 April current year low suggest scope for break higher to open up room for extension to target the 208.10, July 2024 multi-year high. Higher still, if seen, will see potential to the 210.00/212.00 congestion area. However, overbought daily and weekly studies caution corrective pullback. Meanwhile, support is at the 205.30 October high and this extend to the 204.00 congestion. This area should underpin and only break here will fade the upside pressure and see room for deeper pullback to the 202.00/201.25 support.