GBP/JPY Approaches Monthly High
GBP/JPY Approaches Monthly High
British Pound / Japanese Yen FOREXCOM:GBPJPY
FOREXcom
GBP/JPY approaches the monthly high (193.48) as it extends the series of higher highs and lows from last week.
GBP/JPY Outlook
The recent recovery in GBP/JPY has pushes the Relative Strength Index (RSI) to its highest level since July, and a break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region opening up the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) area.
However, GBP/JPY may mirror the price action from earlier this month and trade within a defined range if it fails to break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region.
In turn, GBP/JPY may negate the bullish price series if it struggles to hold above 189.00 (38.2% Fibonacci extension), with a move below 186.60 (50% Fibonacci extension) bringing the monthly low (183.72) on the radar.
--- Written by David Song, Strategist at FOREX.com
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings