GBP/JPY Rallies to Fresh Yearly High
GBP/JPY stages a four-day rally to register a fresh yearly high (200.94).
GBP/JPY Outlook
GBP/JPY may continue to trade to fresh yearly highs as it extends the recent series of higher highs and lows, and a further advance in the exchange rate may push the Relative Strength Index (RSI) towards overbought territory.
The breach above the May high (200.75) may push GBP/JPY towards the 202.00 (23.6% Fibonacci extension) to 202.40 (50% Fibonacci extension) region, with the next area of interest coming in around 206.60 (100% Fibonacci extension).
However, the RSI may start to diverge with price if it continues to hold below 70, and failure to defend the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) zone may push GBP/JPY back towards the monthly low (197.21).
--- Written by David Song, Strategist at FOREX.com
GBP/JPY Outlook
GBP/JPY may continue to trade to fresh yearly highs as it extends the recent series of higher highs and lows, and a further advance in the exchange rate may push the Relative Strength Index (RSI) towards overbought territory.
The breach above the May high (200.75) may push GBP/JPY towards the 202.00 (23.6% Fibonacci extension) to 202.40 (50% Fibonacci extension) region, with the next area of interest coming in around 206.60 (100% Fibonacci extension).
However, the RSI may start to diverge with price if it continues to hold below 70, and failure to defend the 199.80 (61.8% Fibonacci retracement) to 200.50 (78.6% Fibonacci extension) zone may push GBP/JPY back towards the monthly low (197.21).
--- Written by David Song, Strategist at FOREX.com
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