Chart GBP/JPY Update: Extending corrective bounce from 189.32 low
Extending bounce from the 189.32 low as prices retrace losses from the December high to reach the 193.00 level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 196.00 | * | Sep high, congestion | S1 | 192.00 | * | congestion | |
| R3 | 195.10 | * | 8 Jan low | S2 | 190.00 | * | congestion | |
| R2 | 194.18 | ** | 2 Jan low | S3 | 189.32 | ** | 17 Jan YTD low | |
| R1 | 193.50 | * | 9 Jan low | S4 | 188.07 | ** | Dec low |
Asterisk denotes strength of level
07:45 GMT - Extending bounce from the 189.32 low as prices retrace losses from the December high to reach the 193.00 level. Break here will open up room to the strong resistance at the 193.50 congestion then the 194.18 low of 2 January. Gains are seen corrective of losses from the 198.00/198.95 highs and expected to give way to fresh selling pressure later. Meanwhile, support is raised to 192.00 congestion ahead of the 190.00/189.32 area. Break of the latter will extend losses from the December high and see room to retest the December low at 188.07. Below the latter will extend the broader losses from the October high to the 187.55, 61.8% Fibonacci level.