GBPJPY came close to breaking the 39-month high of 154.80, in the previous sessions, but is still fluctuating sideways. According to the RSI, the market could maintain a weak momentum in the short-term as the indicator is flattening above its neutral threshold of 50, while the MACD is flattening near its trigger line in the bullish area.
On the upside, the price could attempt to overcome the 154.80 high and test the 156.60 resistance, registered in January 2018.
A reversal to the downside, however, could find immediate support at 154.40, while slightly lower the 20- and 40-period simple moving averages (SMAs) around 154.10-154.35 could halt bearish movements. If the latter fail to halt bearish movements, the next target could be the 153.13-153.45 support zone, below the ascending trend line.
Turning to the medium-term trading, the outlook has been positive over the past month and only a decisive close below the uptrend line could turn the bias to bearish.
Written by Admin
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