Published: 2024-12-20T07:58:21.000Z
Chart GBP/JPY Update: Lower in consolidation from 198.95 spike high
Technical Analyst
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Consolidation below the 196.00 level saw sharp break higher to extend gains from the 188.07 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 202.00 | * | congestion | S1 | 196.00 | * | congestion | |
| R3 | 201.45 | * | 76.4% Jul/Aug fall | S2 | 193.50 | * | Sep high | |
| R2 | 199.80 | ** | 30 Oct high | S3 | 192.50 | * | congestion | |
| R1 | 197.50 | * | congestion | S4 | 190.00 | * | congestion |
Asterisk denotes strength of level
07:50 GMT - Consolidation below the 196.00 level saw sharp break higher to extend gains from the 188.07 low. However, failure to sustain break of the 197.50/198.00 resistance following rejection from the 198.95 high see prices settling back to consolidate at the 196.00 level. Break of the latter will see room for choppy pullback from the 198.95 high to retrace gains from the 188.07 low. Lower will see room to the 193.50/192.50 area. Below the latter will return focus to the downside for retest of the 190.00 congestion then 188.07 low.