GBP/JPY on Track to Test 2023 High
GBP/JPY appears to be on track to test the 2023 high (188.66) as it trades back above the 50-Day SMA (184.27).
GBP/JPY Outlook
GBP/JPY extends the recent series of higher highs and lows to register a fresh monthly high (188.13), with a break above the 2023 high (188.66) bringing the November 2015 high (188.81) on the radar.
Next area of interest comes in around the 189.00 (38.2% Fibonacci extension) handle, and the Relative Strength Index (RSI) may show the bullish momentum gathering pace if it pushes above 70 for the first time since July 2023.
At the same time, the RSI may diverge with price if it mirrors the developments from November and fails to push into overbought territory, and lack of momentum to test the 2023 high (188.66) may keep the oscillator below 70.
A break/close below 186.60 (50% Fibonacci extension) raises the scope for a move towards the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region, with the next area of interest coming in around 179.70 (61.8% Fibonacci extension) to 180.80 (23.6% Fibonacci retracement).
GBP/JPY Outlook
GBP/JPY extends the recent series of higher highs and lows to register a fresh monthly high (188.13), with a break above the 2023 high (188.66) bringing the November 2015 high (188.81) on the radar.
Next area of interest comes in around the 189.00 (38.2% Fibonacci extension) handle, and the Relative Strength Index (RSI) may show the bullish momentum gathering pace if it pushes above 70 for the first time since July 2023.
At the same time, the RSI may diverge with price if it mirrors the developments from November and fails to push into overbought territory, and lack of momentum to test the 2023 high (188.66) may keep the oscillator below 70.
A break/close below 186.60 (50% Fibonacci extension) raises the scope for a move towards the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region, with the next area of interest coming in around 179.70 (61.8% Fibonacci extension) to 180.80 (23.6% Fibonacci retracement).
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