Published: 2025-02-19T08:03:02.000Z
Chart GBP/JPY Update: Still room to extend corrective bounce
Technical Analyst
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Settled back from test of the 193.00 level as prices consolidate strong rally from the 187.05 February year low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 194.74 | ** | 24 Jan high | S1 | 190.00 | ** | congestion | |
| R3 | 193.50 | * | 2 Sep high, congestion | S2 | 189.32 | * | Jan low | |
| R2 | 193.04 | ** | 13 Feb high | S3 | 188.07 | * | Dec low | |
| R1 | 192.00 | * | congestion | S4 | 187.05 | ** | 7 Feb YTD low |
Asterisk denotes strength of level
07:50 GMT - Settled back from test of the 193.00 level as prices consolidate strong rally from the 187.05 February year low. The resulting flag pattern suggest scope for further gains later, above the 193.00 level will open up room to 193.50 resistance. Gains beyond this, if seen, will see scope for retest of the 194.20/194.74 resistance. However, gains are seen corrective and expected to give way to fresh selling pressure later. Below the 190.60 low will see room to the 190.00/189.32 support. Below these will return focus to the downside for retest of 188.07 and 187.05 low.