GBP/JPY intraday: the RSI is oversold
Our pivot point stands at 182.17.
Our preference: the downside prevails as long as 182.17 is resistance.
Alternative scenario: the upside breakout of 182.17, would call for 182.70 and 183.01.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 182.20 and 182.36). Finally, the GBP/JPY is trading below its lower Bollinger band (standing at 181.69).
Supports and resistances:
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