GBP/JPY fades the late Tuesday’s corrective bounce off the 100-bar Simple Moving Average (SMA) as it prints mild losses near the 160.00 psychological magnet during early Wednesday. In doing so, the cross-currency pair keeps the previous week’s retreat from a one-month high.
Not only the failure to defend the bounce off 100-SMA but bearish MACD signals and downbeat RSI (14), not oversold, also keeps GBP/JPY bears hopeful.
However, a clear downside break of the stated SMA level surrounding 159.70 becomes necessary for the GBP/JPY bears.
Following that, the January 19 swing low near 157.60 could act as a buffer during the fall targeting the previous monthly low of 155.36. It should be noted that May 2022 low near 155.60 also challenges the short-term GBP/JPY bears.
Meanwhile, recovery moves may aim for the latest peak surrounding 161.45 before approaching a downward-sloping resistance line from late December 2022, close to 161.65 at the latest.
In a case where the quote rises past 161.65, the 50% Fibonacci retracement of GBP/JPY downbeat between late 2022 and early January 2023, around 162.30, could act as the last defense of the bears.
To sum up, GBP/JPY is likely to remain bearish even if the 100-SMA challenges the immediate downside.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن