GBP/JPY has been range-bound since mid-October. A gradually declining RSI reflects the price weakness from 141.50. 23.6% Fibonacci retracement, 200-day EMA could come back on the chart on the downside break. While carrying forward its near-term trading range between 21-day EMA and a four-week-old falling trend line, the GBP/JPY pair trades around 139.77 amid the initial Thursday. However, gradually declining levels of 14-day Relative Strength Index (RSI), coupled with the recent weakness in prices, signal pair’s declines to 138.00/137.80 confluence including 23.6% Fibonacci retracement of August-September upside and 200-day Exponential Moving Average (EMA) should the quote drop below 21-day EMA level of 139.22. If at all bears keep dominating past-137.80, 38.2% Fibonacci retracement and September month high could please sellers around 135.75. Meanwhile, pair’s break of monthly trend line resistance, at 140.50 now, can trigger fresh run-up to October month high near 141.50. During the pair’s further rise past-141.50, late-May top close to 141.75 will be on the bulls’ radars. GBP/JPY daily chart Trend: Sideways FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Technical Analysis: Seesaws around 61.8% Fibo. amid bullish MACD FX Street 3 years GBP/JPY has been range-bound since mid-October. A gradually declining RSI reflects the price weakness from 141.50. 23.6% Fibonacci retracement, 200-day EMA could come back on the chart on the downside break. While carrying forward its near-term trading range between 21-day EMA and a four-week-old falling trend line, the GBP/JPY pair trades around 139.77 amid the initial Thursday. However, gradually declining levels of 14-day Relative Strength Index (RSI), coupled with the recent weakness in prices, signal pair's declines to 138.00/137.80 confluence including 23.6% Fibonacci retracement of August-September upside and 200-day Exponential Moving Average (EMA) should the quote drop below 21-day EMA… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
