GBP/JPY: RSI Flirts with Overbought Zone
GBP/JPY extends the recent series of higher highs and lows to register a fresh yearly high (202.73), with the Relative Strength Index (RSI) flirting with overbought territory.
GBP/JPY Outlook
The broader outlook for GBP/JPY remains constructive as the 50-Day SMA (197.57) still reflects a positive slope, and the exchange rate may continue to track the positive slope in the moving average as it holds above the former-resistance zone around the April high (200.55).
A break/close above 204.90 (61.8% Fibonacci extension) opens up 206.60 (100% Fibonacci extension), with a move above 70 in the RSI likely to be accompanied by a further advance in GBP/JPY like the price action from earlier this year.
However, the RSI may start to diverge with price if fails to push into overbought territory, and lack of momentum to hold above the 202.00 (23.6% Fibonacci extension) to 202.40 (50% Fibonacci extension) region may push GBP/JPY back towards the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
GBP/JPY Outlook
The broader outlook for GBP/JPY remains constructive as the 50-Day SMA (197.57) still reflects a positive slope, and the exchange rate may continue to track the positive slope in the moving average as it holds above the former-resistance zone around the April high (200.55).
A break/close above 204.90 (61.8% Fibonacci extension) opens up 206.60 (100% Fibonacci extension), with a move above 70 in the RSI likely to be accompanied by a further advance in GBP/JPY like the price action from earlier this year.
However, the RSI may start to diverge with price if fails to push into overbought territory, and lack of momentum to hold above the 202.00 (23.6% Fibonacci extension) to 202.40 (50% Fibonacci extension) region may push GBP/JPY back towards the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) area.
--- Written by David Song, Strategist at FOREX.com
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