- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Overbought RSI, weekly horizontal hurdle test buyers above 157.00
GBP/JPY Price Analysis: Overbought RSI, weekly horizontal hurdle test buyers above 157.00
- GBP/JPY extends Friday’s rebound, stays firmer around intraday top at the latest.
- Two-day-old ascending trend line guards immediate upside ahead of the horizontal area from December 04.
- Upward sloping support line from the last Monday, 100-HMA restricts nearby losses.
GBP/JPY picks up bids to 157.32, up 0.14% intraday, while portraying the second consecutive daily gains during early Monday morning in Europe.
Even so, overbought RSI conditions and the short-term key resistances challenge the pair buyers.
Among them, an upward sloping trend line from Thursday, near 157.40, acts as an immediate resistance, a break of which will direct the quote towards a one-week-long horizontal resistance region near 157.45-50.
If at all the GBP/JPY buyers manage to keep reins past 157.50, the recent highs of 157.76 may act as a buffer ahead of challenging the year 2021 peak of 158.22.
Meanwhile, pullback moves remain elusive until staying beyond the short-term support line and the 100-HMA, respectively near 157.00 and 156.85.
However, a clear downside break of 156.85 will direct the quote towards Thursday’s low of 156.00, a break of which will challenge the GBP/JPY bulls to rethink their upside bias.
GBP/JPY: Hourly chart
Trend: Pullback 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
