GBP/JPY Testing 200-Day MA - Will the Trend Reverse?
Turning our attention to GBP/JPY, there's a clear technical setup: The pair saw a massive selloff through late July and early August, culminating in a brief test of the 1-year lows (in this case at 179.00) before forming a gradual recovery/bearish flag setup below the 200-day MA.
Moving forward, bulls will want to see if GBP/JPY can break durably above its 200-day MA at 192.00 or whether the last 3 weeks represent a mere counter-trend correction against the strong bearish momentum. In that scenario, a break below the bearish flag could expose the early-month lows near 184.00, if not the 1-year lows at 179.00, in time.
-MW
Moving forward, bulls will want to see if GBP/JPY can break durably above its 200-day MA at 192.00 or whether the last 3 weeks represent a mere counter-trend correction against the strong bearish momentum. In that scenario, a break below the bearish flag could expose the early-month lows near 184.00, if not the 1-year lows at 179.00, in time.
-MW
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