- March 8, 2021
- Posted by: Analysis Team
- Category: Forex News
- GBP/JPY keeps Friday’s corrective pullback from 149.36, stays near to confirmation point of the bearish move.
- Normal RSI conditions suggest continuation of the north-side grind.
- MACD teases sellers, 100-bar SMA adds to the downside filters.
GBP/JPY picks up bids to 150.00 during the early Asian session on Monday. In doing so, the quote again refrains from confirming a bearish pattern on the four-hour (4H) chart near the highest since April 2018.
Given the strong RSI conditions battling the MACD signals that seem to lure bears, GBP/JPY is likely to grind inside the stated chart formation.
As a result, the bears shouldn’t be in a hurry for profits and wait for a clear break for the stated triangle’s support line, at 149.50 now. Also acting as a downside filter is the 100-bar SMA level of 148.17.
It should, however, be noted that the quote’s downside break of 148.17, also conquering the 148.00 round-figure, may not hesitate to challenge February’s low near 144.00.
Meanwhile, 150.50 and the recently flashed multi-month high close to 150.75 can lure short-term GBP/JPY buyers.
Though, the upper line of the triangle, currently around 150.81, may challenge the bulls before directing them to cross the 151.00 threshold.
GBP/JPY FOUR-HOUR CHART