GBP/JPY Rally Pushes RSI Towards Overbought Zone
GBP/JPY registers a fresh yearly high (188.29) as it stages a three-day rally, with the advance in the exchange rate pushing the Relative Strength Index (RSI) towards overbought territory.
GBP/JPY Outlook
GBP/JPY approaches the November 2015 high (188.81) as it carves a series of higher highs and lows, with a break/close above the 189.00 (38.2% Fibonacci extension) handle opening up the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region.
However, failure to clear the November 2015 high (188.81) may keep the RSI out of overbought territory, with a move below 186.60 50% Fibonacci extension) opening up the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) area.
GBP/JPY Outlook
GBP/JPY approaches the November 2015 high (188.81) as it carves a series of higher highs and lows, with a break/close above the 189.00 (38.2% Fibonacci extension) handle opening up the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region.
However, failure to clear the November 2015 high (188.81) may keep the RSI out of overbought territory, with a move below 186.60 50% Fibonacci extension) opening up the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) area.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.