Published: 2025-07-30T07:21:19.000Z
Chart GBP/JPY Update: Pressuring 198.00/197.45 support
Technical Analyst
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Extending pullback from the 200.00 current year high to pressure support at the 198.00/197.45 area
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 201.50 | * | 76.4% Jul/Aug 2024 fall | S1 | 197.45 | 22 Jul low | ||
| R3 | 200.70 | * | May 2024 high | S2 | 196.80 | * | congestion | |
| R2 | 200.00 | ** | 18 Jul YTD high | S3 | 196.40/00 | ** | May high, congestion | |
| R1 | 199.00 | congestion | S4 | 195.35 | ** | 2 Jul low |
Asterisk denotes strength of level
07:10 GMT - Extending pullback from the 200.00 current year high to pressure support at the 198.00/197.45 area. The latter marks rising wedge support from the May low and break here will open up room for deeper pullback to retrace the April/July gains to strong support at the 196.80/196.40, congestion and May high. Break here will see room to 195.35 support and 194.00, 38.2% Fibonacci level. Meanwhile, resistance remains at the 199.00 level which should cap and sustain losses from the 200.00 level.