GBP/JPY Price Analysis: Bulls approach key EMAs during seven-day rise
|- GBP/JPY takes the bids near three week high above 136.50.
- 100-day and 200-day EMA probe the pair’s sustained break of 61.8% Fibonacci retracement.
- RSI recovery from oversold conditions suggests further upside.
GBP/JPY refreshes the multiday high while rising to 136.56 during the early Thursday. In doing so, the pair keeps the previous day’s run-up beyond 61.8% Fibonacci retracement of June-September upside while confronting the 100-day EMA.
Although recovery in RSI indicates the pair’s ability to cross the immediate EMA resistance near 136.60, the 200-day EMA level near 136.75 can question the quote’s further advances.
Should GBP/JPY bulls keep the reins past-136.75, a 50% Fibonacci retracement level of 137.22 will appear on the market player’s radar.
Meanwhile, sellers targeting the September month’s low of 133.04 will take entries once the GBP/JPY prices decline below 61.8% Fibonacci retracement level of 135.93.
During declines between 135.93 and 133.04, 135.0 and 134.30 are likely stops that the bears may avail.
GBP/JPY daily chart
Trend: Further upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.