Published: 2024-12-06T06:56:50.000Z
Chart GBP/JPY Update: Still room to extend corrective gains
Technical Analyst
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Break above the 190.00 level further extend bounce from the 188.00 support to reach the 192.00 congestion.
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 195.35 | ** | 31 Oct low | S1 | 190.00 | * | congestion | |
| R3 | 194.00 | * | congestion | S2 | 188.00 | * | congestion | |
| R2 | 193.50 | * | Mar high, congestion | S3 | 187.55 | * | 61.8% Aug/Oct rally | |
| R1 | 192.00 | * | congestion | S4 | 186.00 | * | congestion |
Asterisk denotes strength of level
06:50 GMT - Break above the 190.00 level further extend bounce from the 188.00 support to reach the 192.00 congestion. Daily studies are still tracking higher and suggest room to further correct losses from the October high. Higher will see scope to retest the March high at 193.50 and the 194.00 congestion. However, gains are seen corrective and expected to give way to renewed selling pressure later. Meanwhile, support is raised to the 190.00 level. Break here will expose the 188.00 level to retest and see room to further retrace the August/October rally to the 187.55, 61.8% Fibonacci retracement.