Chart of the day: GBP/JPY

Blake Morrow Forex Analytix

Today I wanted to bring to your attention the GBP/JPY, or A.K.A. as the "Guppy." The GBP/JPY has exploded higher in recent weeks and based on the bullish pennant formation, looks like the rally can continue. However, the 161% extension of the most recent consolidation is coming into view at 168.15. An eagle eye trader in our community also pointed out the long term 61.8% Fibonacci retracement also coming into view at 168.71. This "confluence" of levels may offer near term resistance with the RSI reaching very overbought. Expect dips back to the 164.70 level to find buyers (like me).

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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