GBP/JPY Struggles to Extend Bullish Price Sequence
The recent rebound in GBP/JPY appears to be stalling as it struggles to extend the recent series of higher highs and lows.
GBP/JPY Outlook
Keep in mind, GBP/JPY reversed ahead of the January low (178.74) to pull the Relative Strength Index (RSI) out of oversold territory, and the exchange rate may further retrace the decline from the monthly high (193.26) as it attempts to extend the advance from the start of the week.
Need a close above 189.00 (38.2% Fibonacci extension) to bring the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) area back on the radar, with the next zone of interest coming in around 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension).
However, another failed attempt to close above 189.00 (38.2% Fibonacci extension) may push GBP/JPY back towards 186.60 (50% Fibonacci extension), with a breach below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) area raising the scope for a move back towards the monthly low (180.11).
--- Written by David Song, Strategist at FOREX.com
GBP/JPY Outlook
Keep in mind, GBP/JPY reversed ahead of the January low (178.74) to pull the Relative Strength Index (RSI) out of oversold territory, and the exchange rate may further retrace the decline from the monthly high (193.26) as it attempts to extend the advance from the start of the week.
Need a close above 189.00 (38.2% Fibonacci extension) to bring the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) area back on the radar, with the next zone of interest coming in around 195.70 (61.8% Fibonacci extension) to 196.60 (23.6% Fibonacci extension).
However, another failed attempt to close above 189.00 (38.2% Fibonacci extension) may push GBP/JPY back towards 186.60 (50% Fibonacci extension), with a breach below the 183.90 (50% Fibonacci retracement) to 184.80 (23.6% Fibonacci extension) area raising the scope for a move back towards the monthly low (180.11).
--- Written by David Song, Strategist at FOREX.com
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