21 Nov 2014
GBP/JPY weakens to trade at 184.60 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole, notes that the GBP/JPY pair clocked another day of gains ending at 185.23 levels before weakening today to trade at 184.60 levels.
Key Quotes
“GBP/JPY has weakened today to trade at 184.60 levels, while the daily RSI, at 69.12, has turned lower from the overbought zone. Moreover, a red candle today would confirm a bearish Price-RSI divergence on the daily chart.”
“Meanwhile, the hourly chart shows, the pair is moving in a downward channel today with the RSI bearish at 41.08 levels.”
“The pair has also declined below the hourly 50-SMA level currently located at 185.00, although the pair may re-test the same before extending losses. The downside in the pair appears capped around channel support located at 184.18 levels.”
“On the other hand, a fresh demand for Pounds can be anticipated above the channel resistance located at 185.40.
Key Quotes
“GBP/JPY has weakened today to trade at 184.60 levels, while the daily RSI, at 69.12, has turned lower from the overbought zone. Moreover, a red candle today would confirm a bearish Price-RSI divergence on the daily chart.”
“Meanwhile, the hourly chart shows, the pair is moving in a downward channel today with the RSI bearish at 41.08 levels.”
“The pair has also declined below the hourly 50-SMA level currently located at 185.00, although the pair may re-test the same before extending losses. The downside in the pair appears capped around channel support located at 184.18 levels.”
“On the other hand, a fresh demand for Pounds can be anticipated above the channel resistance located at 185.40.