GBP/JPY Rebounds from 50-Day SMA
GBP/JPY may continue to track the positive slope in the 50-Day SMA (190.31) as it rebounds from the moving average.
GBP/JPY Outlook
GBP/JPY looks poised to test the monthly high (192.99) as it retraces the decline from the previous week, with a breach above the March high (193.54) opening up the August 2015 high (195.28).
However, the Relative Strength Index (RSI) may diverge with price as it remains well below overbought territory, and GBP/JPY may no longer track the positive slope in the moving average if it fails to test the March high (193.54).
Lack of momentum to hold above the moving average may push GBP/JPY back towards the former resistance zone around the November 2015 high (188.81), with the next area of interest coming in around 186.60 (50% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
GBP/JPY Outlook
GBP/JPY looks poised to test the monthly high (192.99) as it retraces the decline from the previous week, with a breach above the March high (193.54) opening up the August 2015 high (195.28).
However, the Relative Strength Index (RSI) may diverge with price as it remains well below overbought territory, and GBP/JPY may no longer track the positive slope in the moving average if it fails to test the March high (193.54).
Lack of momentum to hold above the moving average may push GBP/JPY back towards the former resistance zone around the November 2015 high (188.81), with the next area of interest coming in around 186.60 (50% Fibonacci extension).
--- Written by David Song, Strategist at FOREX.com
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