Mon, Mar 27, 2023 @ 17:55 GMT
HomeContributorsTechnical AnalysisGBPJPY Meets 200-day SMA and Tries to Move North

GBPJPY Meets 200-day SMA and Tries to Move North

GBPJPY is advancing above the 163.00 round number and is approaching the flat 200-day simple moving average (SMA) at 163.50. A closing day above the latter level could endorse a bullish bias in the near-term timeframe. The RSI indicator is pointing slightly up, while the MACD is holding beneath its trigger line in the positive region.

Hence, the short-run risk is looking neutral-to-positive at the moment and another retest of the 166.00 barrier is likely. Particularly, a decisive close above 166.00 might be what the bulls are eagerly waiting for to rally towards the 169.30 resistance.

To the downside, the 20-day SMA at the162.50 nearby support area may add some footing to the market, but a violation at this point may not attract much attention unless the price slumps below the 161.20 line and the 50-day SMA at 160.50. Negative momentum could further strengthen if the aforementioned level is breached as well, with the 155.35-156.80 restrictive zone likely appearing next on the radar.

In brief, GBPJPY could trade neutral-to-positive in the short-term. A closure above the 200-day SMA could bring fresh buying pressure into the market.

XM.com
XM.comhttp://clicks.pipaffiliates.com/c?c=231129&l=en&p=0
XM is a fully regulated next-generation financial services provider of online trading on currency exchange, commodities, equity indices, precious metals and energies, with services to clients from over 196 countries worldwide. Founded in 2009 by market experts with extensive knowledge of the global forex and capital markets and with the aim to ensure fair and reliable trading conditions for every client, XM has reached international recognition by virtue of its unbeatable execution of orders, spreads as low as zero pips on over 50 currency pairs, gold and silver, flexible leverage up to 888:1, and personalized customer engagement to foster clients’ success.

Featured Analysis

Learn Forex Trading