GBP/JPY steps back from the late-May top, downward sloping resistance line since mid-March. Sellers await downside break of 200-day SMA amid overbought RSI conditions. In addition to the failure to rise beyond multi-month old falling trend line, overbought conditions of 14-bar Relative Strength Index (RSI) also trigger the GBP/JPY pair’s pullback to 138.87 during Wednesday’s Asian session. Sellers await the downside break of the 200-day Simple Moving Average (SMA) level of 138.72 to enter while targeting July month high of 137.80. However, pair’s declines below 137.80 might not refrain from challenging 135.65/75 area including tops marked in late-July and September. On the upside, pair’s sustained trading beyond a downward sloping trend line since mid-March, at 139.30, could escalate the run-up to 140.00 and 61.8% Fibonacci retracement of the downside since March month, at 140.35. During the pair’s further rise above 140.35, late-May tops nearing 141.80 will be on the bulls’ radar. 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 USD/JPY bulls in control, seeking a test of the critical 200-DMA FX Street 4 years GBP/JPY steps back from the late-May top, downward sloping resistance line since mid-March. Sellers await downside break of 200-day SMA amid overbought RSI conditions. In addition to the failure to rise beyond multi-month old falling trend line, overbought conditions of 14-bar Relative Strength Index (RSI) also trigger the GBP/JPY pair's pullback to 138.87 during Wednesday's Asian session. Sellers await the downside break of the 200-day Simple Moving Average (SMA) level of 138.72 to enter while targeting July month high of 137.80. However, pair's declines below 137.80 might not refrain from challenging 135.65/75 area including tops marked in late-July and September.… 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.
