Chart GBP/JPY Update: Extending consolidation above 192.00
Turned up from test of the 192.00 level as prices unwind oversold intraday studies to retest the 194.00 level
| 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
07:30 GMT - Turned up from test of the 192.00 level as prices unwind oversold intraday studies to retest the 194.00 level. Break will see potential for retest of the 194.75 resistance and further extend gains from the February YTD low within the channel from the October high. Clearance will see scope to the 196.00 congestion then the trendline at 197.50. Corrective gains are expected to give way to selling pressure later with support raised to the 193.00/192.00 area. Would take break here to open up room for retest of the 190.73/190.00 support. Below these will return focus to the 188.10 and 187.05, December and February lows.