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GBP/JPY intraday: the RSI is overbought
2024-04-26
127
Our pivot point is at 196.54.
Our preference: the upside prevails as long as 196.54 is support.
Alternative scenario: the downside breakout of 196.54 would call for 196 and 195.68.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 196.28 and 195.43). Finally, the GBP/JPY is trading above its upper Bollinger band (standing at 196.99).
Supports and resistances:
198.69 **
198.37 *
198.05 **
197.73
197.06 last
196.75
196.54 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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