HomeContributorsTechnical AnalysisGBPJPY Ticks Up from Rising Trend Line

GBPJPY Ticks Up from Rising Trend Line

  • GBPJPY recoups some of the losses
  • RSI and MACD still show some weakness

GBPJPY is recovering somewhat from the bearish movement that started from 191.30 and is following the direction of the ascending trend line.

The market is also developing within the 20- and the 50-day simple moving averages (SMAs) with the technical oscillators showing some weakness in price. The RSI is flattening near the neutral threshold of 50, while the MACD is holding beneath its trigger line and above the zero level.

In case the price overcomes the 189.50 resistance level and the immediate 20-day SMA at 189.80, then it may head towards the previous peak of 191.30.

On the other hand, in the case of a break beneath the short-term uptrend line and the 50-day SMA, then the pair could touch the 187.95 bottom. Steeper decreases could drive the market until the 185.25 support but any movements below the 200-day SMA, which stands around the 184.15 support, may change the outlook to bearish.

Summarizing, GBPJPY is looking positive in the short-term view, although that the technical oscillators are not mirroring the latest upturn.

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