Technical Analysis – GBPJPY fails to overcome 153.40; neutral-to-bearish bias
- Melina Deltas
The short-term oscillators are also in favor of the bears; the RSI is moving sideways near its 50 neutral mark and the stochastic oscillator is approaching the oversold territory after the bearish cross within the %K and %D lines.
Hence, the short-run risk is looking neutral-to-negative at the moment and another retest of 151.25 is possible. A fall below the latter could open the way for the 23.6% Fibonacci retracement level of the up leg from 129.30 to 156.06 at 149.75 ahead of the 148.45 support, which stands near the 200-day SMA.
To the upside, the 153.40 nearby resistance area may add some footing to the market, but a violation at this point may not attract much attention unless the price rallies above the 40-month high of 156.06 and the 156.50 barrier, registered in January 2018.In brief, GBPJPY could trade neutral-to-negative in the short-term. A close below the 200-day SMA could bring fresh selling pressure in the market, while a jump above the 156.06 level could raise buying interest.
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