Mon, Jun 21, 2021 @ 22:07 GMT
HomeContributorsTechnical AnalysisGBPJPY Eases After Consecutive Green Sessions

GBPJPY Eases After Consecutive Green Sessions

GBPJPY is turning lower after consecutive green sessions, finding strong support at the 200-period simple moving average (SMA). A paused state of directional momentum is reflected in the Ichimoku lines, while the price rests above the upper surface of the Ichimoku cloud.

The mixed signals in the short-term oscillators further reflect the recent stall in the price. The MACD has barely inched above its trigger line in the positive region, while the RSI is heading marginally south.

To the upside, emanating pressure over the last session has denied upside moves. If buyers manage to jump above again, a revisit of the 152.40 resistance could unfold. Overcoming these constrictions could see resistance develop at the 153.40 barrier, taken from the peak on April 6.

Otherwise, if sellers drive the pair below the SMAs, the 150.85 could interrupt the pair ahead of the lower surface of the cloud at 150.70. Should it fail to do so, the 149.05 could challenge the pair before the price sinks towards the 148.51 trough.

Summarizing, the short-term picture remains bullish, despite the last red candle, and a break above 152.40 could resume positive structure.

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