Published: 2025-06-25T07:02:43.000Z
Chart GBP/JPY Update: Consolidating test of 198.00, room to extend gains
Technical Analyst
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Consolidating test of the 198.00 level with shallow pullback keeping pressure on the upside
| 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
07:00 GMT - Consolidating test of the 198.00 level with shallow pullback keeping pressure on the upside and see room to extend gains fromn the 184.35, April YTD low. Positive daily studies suggest room for break of the 198.00 level to see extension to retest the 199.00 and 199.80, December and October highs. Overbought weekly studies suggest reaction at the latter likely. Meanwhile, support is raised to the 196.80/196.00 area which is expected to underpin. Would take break here to open up room for deeper pullback to correct choppy gains from the 192.00 level.