Published: 2024-12-19T07:14:36.000Z
Chart GBP/JPY Update: Extending gains
Technical Analyst
-
Consolidation below the 196.00 level has given way to break higher to extend gains from the 188.07 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 202.00 | * | congestion | S1 | 194.00 | * | congestion | |
| R3 | 201.45 | * | 76.4% Jul/Aug fall | S2 | 193.50 | * | Sep high | |
| R2 | 199.80 | ** | 30 Oct high | S3 | 192.50 | * | congestion | |
| R1 | 197.75/00 | * | 20 Nov high, congestion | S4 | 190.00 | * | congestion |
Asterisk denotes strength of level
07:10 GMT - Consolidation below the 196.00 level has given way to break higher to extend gains from the 188.07 low. Higher see room to the 197.75/198.00 resistance. Beyond this will expose the 199.55/199.80, November/October highs to retest. Clearance here, if seen, will further retrace the July/August losses and see scope to 201.45, 76.4% Fibonacci retracement. Meanwhile, support is raised to the 194.00/193.50 area which should underpin and sustain bullish run-up from the 188.07 low.