Published: 2025-06-10T07:26:15.000Z
Chart GBP/JPY Update: Settling back from retest of 196.00/196.40 resistance
Technical Analyst
1
Retest of strong resistance at 196.00/40, congestion and May high, has given way to pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 199.80 | ** | Oct high | S1 | 194.00 | * | congestion | |
| R3 | 199.00 | ** | Dec high | S2 | 192.70 | * | 3 Jun low | |
| R2 | 198.00 | * | congestion | S3 | 192.00 | ** | congestion, 22 May low | |
| R1 | 196.00/40 | ** | 14 May high, trendline | S4 | 190.00 | * | congestion |
Asterisk denotes strength of level
07:20 GMT - Retest of strong resistance at 196.00/40, congestion and May high, has given way to pullback as prices unwind overbought intraday studies. Daily studies are stretched as well and caution corrective pullback to the 194.00 congestion. Would take break here to fade the upside pressure and open up room for deeper pullback to 192.70 support and 192.00 congestion. Break of the latter will confirm a double top at the 196.40 highs and see deeper correctionb of gains from 194.35, April YTD low. Break above 196.40 will further extend gains to 198.00/199.00 area.