GBP/JPY – fresh demand expected near Aug high support
The overbought nature of the daily RSI and the loss of the bullish momentum showed by the daily MACD suggests in the short-run a pull back to August high of 138.83 is likely.
Dips below 138.83 could be bought into given the bullish 5-MA and 10-MA crossover on the weekly and the bullish weekly RSI.
On the higher side, a weekly close above the falling trend line would add credence to the view that the pair has bottomed out and would open doors for 151.65 (Apr 2016 low).
Dips below 138.83 could be bought into given the bullish 5-MA and 10-MA crossover on the weekly and the bullish weekly RSI.
On the higher side, a weekly close above the falling trend line would add credence to the view that the pair has bottomed out and would open doors for 151.65 (Apr 2016 low).
