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GBP/JPY intraday: the RSI is oversold
2024-03-07
233
Our pivot point stands at 189.73.
Our preference: the downside prevails as long as 189.73 is resistance.
Alternative scenario: the upside breakout of 189.73, would call for 190.18 and 190.45.
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 189.99 and 190.20).
Supports and resistances:
190.45 **
190.18 *
189.73 **
189.55
189.35 last
188.69
188.42 **
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