GBP/JPY Defends October Low to Keep RSI Out of Oversold Zone
GBP/JPY appears to be defending the October low (178.10) as the recent rebound in the exchange rate keeps the Relative Strength Index (RSI) out of oversold territory.
GBP/JPY Outlook
GBP/JPY may attempt to clear the series of lower highs and lows from earlier this week as it bounces back from a fresh monthly low (178.35), and the RSI may show the bearish momentum abating as it seems to be reversing ahead of 30.
Need a break/close above the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region to open up 186.60 (50% Fibonacci extension), with the next area of interest comes in around the monthly high (187.52).
However, failure to clear the bearish price series may lead to another run at the October low (178.10), with a break/close below the 175.90 (38.2% Fibonacci retracement) to 177.20 (23.6% Fibonacci retracement) region opening up the June low (172.68).
GBP/JPY Outlook
GBP/JPY may attempt to clear the series of lower highs and lows from earlier this week as it bounces back from a fresh monthly low (178.35), and the RSI may show the bearish momentum abating as it seems to be reversing ahead of 30.
Need a break/close above the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) region to open up 186.60 (50% Fibonacci extension), with the next area of interest comes in around the monthly high (187.52).
However, failure to clear the bearish price series may lead to another run at the October low (178.10), with a break/close below the 175.90 (38.2% Fibonacci retracement) to 177.20 (23.6% Fibonacci retracement) region opening up the June low (172.68).
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