Technical Analysis – GBPJPY retraces lower after hitting 16-year high
GBPJPY pulls back from its highest level since August 2008
RSI and MACD ease but remain in positive territories
GBPJPY has been in a prolonged uptrend since early 2024, posting a 16-year high of 208.10 on July 11. However, the pair has been undergoing a pullback since then probably due to the advance reaching overbought conditions.
Should the slide extend further, the recent support of 202.08 could act as the first line of defense. Piecing through that floor, the pair could decline towards its April high of 200.50, which also acted both as support and resistance in May and June. Further retreats might then cease at the June bottom of 197.18.
On the flipside, if the setback falters and the pair edges back higher, the bulls could initially attack 205.77 ahead of the 16-year peak of 208.10. A violation of that zone could open the door for fresh multi-year highs, where the April 2008 peak of 209.00 could curb further upside attempts.
In brief, GBPJPY has been experiencing a pullback in the past few sessions, but the momentum indicators have not turned negative yet. Nevertheless, a break below the 50-day simple moving average (SMA) could increase the bears’ appetite for a sustained correction.
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