Technical Analysis – GBPJPY eases after hitting new 16-year high
GBPJPY remains in strong upside tendency in long-term
RSI flirts with uptrend line above 70
Stochastic looks overstretched
GBPJPY is declining somewhat after rallying to a fresh 16-year high of 206.15 earlier in the week. The pair posted 13 straight days of gains before falling near the 261.8% Fibonacci extension level of the down leg from 188.65 to 178.80 at 204.70.
The technical oscillators indicate an overstretched market, as the RSI is heading south, meeting the uptrend line that has been holding since the beginning of June, above the 70 level. Also, the stochastic oscillator is pointing down after the bearish crossover within the %K and %D lines above the 80 level.
If there are more declines and a dive below the immediate Fibonacci level, the market could visit the 20-day simple moving average (SMA) at 202.30, ahead of the 201.64 support level. Even lower, the bearish correction may continue until the 50-day SMA, near the 198.90 support, before testing the long-term ascending trend line at 198.50.
In the positive scenario, a successful climb above the latest multi-year peak could meet the next round numbers, such as 207.00 and 208.00, until the high in July 2008 at 215.90.
All in all, GBPJPY has been in a strong upward trend since the start of the year, and only a decisive fall below the 200-day SMA near the 190.00 psychological mark could change the current outlook.免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
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