Published: 2024-11-04T07:01:45.000Z
Chart GBP/JPY Update: Higher in consolidation from 195.35 low
Technical Analyst
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No follow-through on break of the 196.00 level as prices turned up in consolidation from the 195.35 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 201.50 | * | 76.4% Jul/Aug fall | S1 | 196.00 | ** | 27 Sep high, congestion | |
| R3 | 200.50 | * | Apr high | S2 | 195.35 | * | 31 Oct low | |
| R2 | 199.80/00 | ** | 30 Oct high, congestion | S3 | 193.50 | ** | 2 Sep high, congestion | |
| R1 | 198.40 | * | 23 Oct high | S4 | 192.00 | * | 16 Aug high, congestion |
Asterisk denotes strength of level
06:50 GMT - No follow-through on break of the 196.00 level as prices turned up in consolidation from the 195.35 low. However, this is expected to give way to renewed selling pressure later and clear break of the 196.00/195.35 area will open up deeper pullback to strong support at the 193.50 and 192.00, previous highs and congestion area. Meanwhile, resistance at the 198.00/198.40 area expected to cap and sustain losses from the 199.80, October high. Clearance, if seen, will open up stronger gains to retrace the July/August losses.