Published: 01/04/25 at 06:41 UTC
Chart GBP/JPY Update: Under pressure
Technical Analyst
1
Consolidating test of the 193.00 support following rejection from the 196.00 high but pressure remains on the downside
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 198.95 | ** | Dec high | S1 | 193.00 | * | congestion | |
| R3 | 197.50 | * | Oct trendline | S2 | 192.00 | ** | 21 Mar low | |
| R2 | 196.00 | ** | congestion | S3 | 190.73 | * | 13 Mar low | |
| R1 | 194.75 | * | 24 Jan high | S4 | 190.00 | * | congestion |
Asterisk denotes strength of level
06:40 GMT - Consolidating test of the 193.00 support following rejection from the 196.00 high but pressure remains on the downside as prices unwind the overbought daily studies. Lower will see room to the nearby support at the 192.00 congestion. Break here will return focus to the 188.10/00, December low and congestion area. Below this will turn focus to the 187.05, February current year low. Meanwhile, resistance is lowered to the 194.75/195.00 area which is expected to cap and sustain losses from the 196.00 high.