Published: 2025-07-28T07:32:10.000Z
Chart GBP/JPY Update: Still supported, room for pullback later
Technical Analyst
-
Drifting narrowly above the 198.00 level but risk seen for break here to trigger deeper pullback from the 200.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 203.80 | * | 12 Jul 2024 low | S1 | 198.00 | * | congestion | |
| R3 | 201.50 | * | 76.4% Jul/Aug 2024 fall | S2 | 196.80 | * | congestion | |
| R2 | 200.70 | * | May 2024 high | S3 | 196.40/00 | ** | May high, congestion | |
| R1 | 200.00 | ** | 18 Jul YTD high | S4 | 195.35 | ** | 2 Jul low |
Asterisk denotes strength of level
07:35 GMT - Drifting narrowly above the 198.00 level but risk seen for break here to trigger deeper pullback from the 200.00, current year highs. Lower will open up room for deeper pullback to unwind overbought daily and weekly studies to strong support at the 196.80/196.40, congestion and May high. Would take break above the 200.00 high to further extend gains to retrace the sharp July/August 2024 losses. Clearance will see room to 200.70 resistance and extension to 201.50, 76.4% Fibonacci level.