GBP/JPY Struggles to Climb Above 50-Day SMA
GBP/JPY may struggle to retrace the decline from the December high (187.52) amid the failed attempts to trade back above the 50-Day SMA (183.91).
GBP/JPY Outlook
GBP/JPY trades to a fresh weekly high (183.78) as it carves a series of higher highs and lows, with a break/close above the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) opening up 186.60 (50% Fibonacci extension).
However, another failed attempt to push above the 50-Day SMA (183.91) may curb the bullish price action in GBP/JPY, with a move below the 179.70 (61.8% Fibonacci extension) to 180.80 (23.6% Fibonacci retracement) area raising the scope for a test of the monthly low (178.74).
GBP/JPY Outlook
GBP/JPY trades to a fresh weekly high (183.78) as it carves a series of higher highs and lows, with a break/close above the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) opening up 186.60 (50% Fibonacci extension).
However, another failed attempt to push above the 50-Day SMA (183.91) may curb the bullish price action in GBP/JPY, with a move below the 179.70 (61.8% Fibonacci extension) to 180.80 (23.6% Fibonacci retracement) area raising the scope for a test of the monthly low (178.74).
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