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GBPJPY looking neutral; remains above 50- and 200-day moving averages

28 July 2017 01:40 PM BDT
GBPJPY looking neutral; remains above 50- and 200-day moving averages

GBPJPY reached a ten day high of 146.55 in yesterday’s trading before declining to finish the day 0.4% lower.

In terms of technical indicators, the RSI is currently moving along the 50 neutral perceived level, hinting to a lack in upside or downside momentum in the very short term. The MACD is giving a mixed picture as it is positive but below the red signal line. This perhaps suggests that the overall bias is neutral as well.

If the price falls, the area around the lower Bollinger band at 144.46 could act a support. Further declines would shift the focus to the region around the current level of the 50 day moving average (MA) at 143.94 for additional support.

On the other hand, if the price rises, resistance could be met around the middle Bollinger line, which is a 20 day MA line, at 146.05. A break above would turn the attention to the region around yesterday’s high of 146.55 for additional resistance.

Concluding with the medium term picture, it looks mostly bullish given the overall uptrend since the start of the year and price action taking place above both the 50 and 200 day MAs since late June (the pair also recorded a bullish cross at the start of the year when the 50 day MA moved above the 200 day one). A fall below the 50 day MA though would set a more neutral tone.

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