Technical Analysis – GBPJPY pulls back near uptrend line
GBPJPY correcting lower, but staying above uptrend line
RSI and MACD point to further declines
A rebound above trendline could aim for 208.15
A break below 200.00 could shift the outlook to bearish
GBPJPY has been correcting lower since July 11, when it hit 208.15, a level last seen back in August 2008. That said, the pair remains above the uptrend line drawn from the low of January 2, currently hovering near the 50-day exponential moving average (EMA).
The RSI and the MACD are suggesting that some further declines may be possible, at least until the uptrend line. The former is lying below its 50 line, pointing south, while the latter, although slightly positive, is running below its trigger line.
If the bulls set their alarms to wake up when the pair tests the uptrend line, then a potential rebound may allow another test near 208.15, the break of which would confirm a higher high and perhaps set the stage for extensions towards the highs of July 2008, at around 216.00.
On the downside, for a bearish reversal to start being examined, GBPJPY may need to drop and close below the round number of 200.00. Such a move would take the action below the aforementioned uptrend line and may initially aim for the 197.05 barrier. Another break lower could see scope for declines towards the 200-day EMA or the 191.30 area.
To recap, GBPJPY has been pulling back lately, but holding above an uptrend line, which keeps the chances of a potential rebound elevated. For the outlook to change, a dip below 200.00 may be needed.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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