GBP/JPY Trades in Narrow Range After Clearing November 2015 High
GBP/JPY trades in a narrow range after clearing the November 2015 high (188.81).
GBP/JPY Outlook
GBP/JPY consolidates after struggling to test the monthly high (188.94) earlier this week, but the Relative Strength Index (RSI) may show the bullish momentum abating as it appears to be reversing ahead of overbought territory.
Failure to defend the weekly low (187.13) may push GBP/JPY towards 186.60 (50% Fibonacci extension), with the next area of interest coming in around 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension).
At the same time, GBPJPY may stage further attempts to test the monthly high (188.94) as it holds within the weekly range, with a break/close above the 189.00 (38.2% Fibonacci extension) handle opening up the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region.
GBP/JPY Outlook
GBP/JPY consolidates after struggling to test the monthly high (188.94) earlier this week, but the Relative Strength Index (RSI) may show the bullish momentum abating as it appears to be reversing ahead of overbought territory.
Failure to defend the weekly low (187.13) may push GBP/JPY towards 186.60 (50% Fibonacci extension), with the next area of interest coming in around 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension).
At the same time, GBPJPY may stage further attempts to test the monthly high (188.94) as it holds within the weekly range, with a break/close above the 189.00 (38.2% Fibonacci extension) handle opening up the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region.
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