GBP/JPY Pulls Back to Keep RSI Out of Overbought Zone
GBP/JPY appears to have reversed ahead of the November 2015 high (188.81) as it extends the series of lower highs and lows from last week.
GBP/JPY Outlook
GBP/JPY continues to pullback from a fresh yearly high (188.29) after failing to push the Relative Strength Index (RSI) above 70, and the bullish momentum may continue to abate as the oscillator moves away from overbought territory.
A break/close below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region may lead to a test of the monthly low (182.74), with the next area of interest coming in around 179.70 (61.8% Fibonacci extension).
Nevertheless, failure to break/close below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region may generate a range bound conditions, with a move above 186.60 50% Fibonacci extension) bringing the high ($188.29) on the radar.
GBP/JPY Outlook
GBP/JPY continues to pullback from a fresh yearly high (188.29) after failing to push the Relative Strength Index (RSI) above 70, and the bullish momentum may continue to abate as the oscillator moves away from overbought territory.
A break/close below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region may lead to a test of the monthly low (182.74), with the next area of interest coming in around 179.70 (61.8% Fibonacci extension).
Nevertheless, failure to break/close below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region may generate a range bound conditions, with a move above 186.60 50% Fibonacci extension) bringing the high ($188.29) on the radar.
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