Technical Analysis – GBPJPY fluctuates below 154.00 but outlook is still positive
May 12, 2021 11:29 am
GBPJPY has advanced considerably over the previous couple of days, challenging the 39-month high of 154.00. However, in the 4-hour chart, the price is moving sideways. The RSI is falling from the overbought zone, while the MACD is losing momentum below its trigger line, both suggesting a bearish correction.
In the negative scenario, a selling interest could find immediate support at the 153.13 support, which overlaps with the 20-period SMA. Slipping lower, the 152.20-152.40 support zone could come next ahead of the 200-period SMA at 151.35.
If f buying interest persists, the next hurdle to pause the upside move is the 39-month high before jumping to the 156.50 resistance, taken from the high in January 2018. Even higher, the June 2016 peak of 160.00 could attract attention.
Overall, GBPJPY has been in a bullish tendency since March 20 and if there is a plunge towards the 200-day SMA, this may switch this outlook to bearish.
GBPJPY has advanced considerably over the previous couple of days, challenging the 39-month high of 154.00. However, in the 4-hour chart, the price is moving sideways. The RSI is falling from the overbought zone, while the MACD is losing momentum below its trigger line, both suggesting a bearish correction.
In the negative scenario, a selling interest could find immediate support at the 153.13 support, which overlaps with the 20-period SMA. Slipping lower, the 152.20-152.40 support zone could come next ahead of the 200-period SMA at 151.35.
If f buying interest persists, the next hurdle to pause the upside move is the 39-month high before jumping to the 156.50 resistance, taken from the high in January 2018. Even higher, the June 2016 peak of 160.00 could attract attention.
Overall, GBPJPY has been in a bullish tendency since March 20 and if there is a plunge towards the 200-day SMA, this may switch this outlook to bearish.
Related Posts: