GBP/JPY Falls Toward 50-Day SMA
GBP/JPY falls toward the 50-Day SMA (187.71) as it trades to a fresh monthly low (187.97).
GBP/JPY Outlook
GBP/JPY struggles to hold above the former-resistance zone around the January high (188.94) as it weakens for the fifth consecutive day, with a breach below the moving average opening up the 186.50 (38.2% Fibonacci retracement) to 186.60 (50% Fibonacci extension) region.
Next area of interest comes in around the February low (185.24), but GBP/JPY may attempt to retrace the decline from last week if it responds to the positive slope in the moving average.
Need a close above the 188.40 (23.6% Fibonacci retracement) to 189.00 (38.2% Fibonacci extension) area to bring the February high (191.32) back on the radar, with the next area of interest coming in around 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension).
--- Written by David Song, Strategist
GBP/JPY Outlook
GBP/JPY struggles to hold above the former-resistance zone around the January high (188.94) as it weakens for the fifth consecutive day, with a breach below the moving average opening up the 186.50 (38.2% Fibonacci retracement) to 186.60 (50% Fibonacci extension) region.
Next area of interest comes in around the February low (185.24), but GBP/JPY may attempt to retrace the decline from last week if it responds to the positive slope in the moving average.
Need a close above the 188.40 (23.6% Fibonacci retracement) to 189.00 (38.2% Fibonacci extension) area to bring the February high (191.32) back on the radar, with the next area of interest coming in around 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension).
--- Written by David Song, Strategist