- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Monthly resistance probes bulls past-156.00 amid overbought RSI
GBP/JPY Price Analysis: Monthly resistance probes bulls past-156.00 amid overbought RSI
- GBP/JPY seesaws around two-week top, portrays nine-day uptrend.
- Key resistance, overbought RSI conditions hint at pullback moves.
- 200-SMA, two-week-old support line offers a tough nut to crack for sellers.
GBP/JPY struggles to extend the previous eight-day uptrend, retreating from an intraday high to 156.30 during Friday’s Asian session.
In doing so, the cross-currency pair justifies the overbought RSI conditions as a downward sloping trend line from January 05 challenges the bulls around 156.30.35.
It should be noted, however, that a pullback will initially aim for the 61.8% Fibonacci retracement level of January’s downturn, around 155.90.
However, a convergence of the 200-DMA and a three-week-long rising trend line, near 155.20, will challenge the GBP/JPY bears afterward.
On the contrary, an upside clearance of the 156.35 hurdle will GBP/JPY prices towards January 18 swing high near 156.90 and then to the 157.00 threshold.
In a case where GBP/JPY buyers manage to keep reins past 157.00, multiple hurdles around 157.40-50 will be crucial for a watch.
GBP/JPY: Four-hour chart
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
