GBP/JPY struggles to extend rise beyond the five-month high. Overbought RSI conditions doubt bulls relying on the break of 61.8% Fibonacci retracement. 200-day SMA grabs market attention during fresh declines. With its another failure to overcome late-May high, GBP/JPY takes the rounds to 140.80 during the early Asian session on Tuesday. Ever since the quote rose beyond 61.8% Fibonacci retracement of March-August declines, bulls keep firming the odds of clearing May 21 high near 141.75. However, a lower high formation since then, coupled with overbought conditions of 14-bar Relative Strength Index (RSI) signal brighter chances of the pair’s pullback. In doing so, sellers will wait for a clear break below 61.8% Fibonacci retracement level of 140.34 in order to aim for a 200-day Simple Moving Average (SMA) level of 138.75. Though, 50% Fibonacci retracement surrounding 137.70 could question the pair’s further downside. Meanwhile, pair’s rise past-141.75 sets the tone for the further run-up to 142.20 and April month low close to 143.77. GBP/JPY daily chart Trend: pullback expected 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 AUD/NZD falls to below key support and eyes a 38.2% Fibonacci retracement FX Street 3 years GBP/JPY struggles to extend rise beyond the five-month high. Overbought RSI conditions doubt bulls relying on the break of 61.8% Fibonacci retracement. 200-day SMA grabs market attention during fresh declines. With its another failure to overcome late-May high, GBP/JPY takes the rounds to 140.80 during the early Asian session on Tuesday. Ever since the quote rose beyond 61.8% Fibonacci retracement of March-August declines, bulls keep firming the odds of clearing May 21 high near 141.75. However, a lower high formation since then, coupled with overbought conditions of 14-bar Relative Strength Index (RSI) signal brighter chances of the pair's pullback. In… 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.
