Published: 2025-05-06T06:55:03.000Z
Chart GBP/JPY Update: Extending pullback from 93.74 high
Technical Analyst
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Extending rejection from the 93.74 high as prices unwind the overbought intraday and daily studies
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 196.00 | ** | congestion | S1 | 190.00 | * | congestion | |
| R3 | 195.00 | * | upper channel | S2 | 188.00 | * | congestion | |
| R2 | 193.74 | ** | 2 May high | S3 | 187.00 | ** | Feb low, congestion | |
| R1 | 191.70 | * | 25 Apr high | S4 | 184.35 | ** | 9 Apr YTD low |
Asterisk denotes strength of level
06:50 GMT - Extending rejection from the 93.74 high as prices unwind the overbought intraday and daily studies and retrace rally from the 184.35, April YTD low. Break of the 91.45 support see room to the 190.00 congestion which is expected to underpin. Failure here will return focus to the downside and see scope to strong support at the 188.00/187.00 congestion. Meanwhile, resistance is lowered to 191.70 which is expected to cap and sustain losses from 193.74 high. Only above here will see room to the strong resistance at the 195.00/196.00, upper channel and congestion.