GBP/JPY Approaches Monthly High
GBP/JPY approaches the monthly high (193.48) as it extends the series of higher highs and lows from last week.
GBP/JPY Outlook
The recent recovery in GBP/JPY has pushes the Relative Strength Index (RSI) to its highest level since July, and a break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region opening up the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) area.
However, GBP/JPY may mirror the price action from earlier this month and trade within a defined range if it fails to break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region.
In turn, GBP/JPY may negate the bullish price series if it struggles to hold above 189.00 (38.2% Fibonacci extension), with a move below 186.60 (50% Fibonacci extension) bringing the monthly low (183.72) on the radar.
--- Written by David Song, Strategist at FOREX.com
GBP/JPY Outlook
The recent recovery in GBP/JPY has pushes the Relative Strength Index (RSI) to its highest level since July, and a break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region opening up the 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension) area.
However, GBP/JPY may mirror the price action from earlier this month and trade within a defined range if it fails to break/close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) region.
In turn, GBP/JPY may negate the bullish price series if it struggles to hold above 189.00 (38.2% Fibonacci extension), with a move below 186.60 (50% Fibonacci extension) bringing the monthly low (183.72) on the radar.
--- Written by David Song, Strategist at FOREX.com
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