Published: 2025-07-08T07:54:48.000Z
Chart GBP/JPY Update: Extending gains to reach fresh year high
Technical Analyst
3
Rally though the 198.80/199.00 resistance extend bounce from the April low to reach fresh year high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 203.80 | * | 12 Jul 2024 low | S1 | 197.00 | * | congestion | |
| R3 | 201.50 | * | 76.4% Jul/Aug 2024 fall | S2 | 196.40/00 | * | May high, congestion | |
| R2 | 200.70 | * | May 2024 high | S3 | 195.35 | * | 2 Jul low | |
| R1 | 199.80 | ** | Oct high | S4 | 194.00 | ** | congestion |
Asterisk denotes strength of level
07:45 GMT - Rally though the 198.80/199.00 resistance extend bounce from the April low to reach fresh year high and see the October 2024 high at 199.80 within reach. Clearance here will further retrace the sharp July/August 2024 losses and see room to 200.70 resistance and 201.50, 76.4% Fibonacci level. However, overbought daily and weekly studies caution corrective pullback with support starting at the 197.00 congestion. Would take break here to open up room for deeper pullback to 196.40/196.00 area and 195.35 low of last week.