HomeContributorsTechnical AnalysisGBPJPY Flies to New High Above 169.00

GBPJPY Flies to New High Above 169.00

GBPJPY is rallying above the 169.00 psychological mark, recording a new four-month high. The rebound off the 20-day simple moving average (SMA) and the 165.40 support is endorsing the bullish outlook in the long-term. The RSI is approaching the 70 level, while the MACD is moving sideways near its trigger line and well above the zero level.

The 169.30 number, where the high from December 2022 lies could challenge any bullish attempts before resting near the next 172.20 resistance level.

Alternatively, an extension below the 20-day SMA of 166.00 and the 165.40 barrier may strengthen the case of a down-trending market in the short-term, hitting the 50- and the 200-day SMAs at 163.75 and 163.35 respectively. Failure to hold above that floor could cause another negative extension towards 162.80 before meeting the uptrend line at 160.00.

In brief, the fresh four-month high has upgraded the long-term outlook to strongly bullish.

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