GBP/JPY Falls Towards 50-Day SMA
GBP/JPY falls toward the 50-Day SMA (191.59) after registering a fresh yearly high (200.55) at the start of the week.
GBP/JPY Outlook
The opening range for May is in focus for GBP/JPY as it marks the largest two-day decline since December 2022, and failure to hold above the moving average may lead to a test of the April low (190.00) as the Relative Strength Index (RSI) falls to its lowest level since March.
Failure to defend the April low (190.00) may push GBP/JPY towards the former-resistance zone around the November 2015 high (188.81), but the exchange rate may respond to the positive slope in the moving average if it continues to hold above the weekly low (191.80).
Need a close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone to bring the 195.28 (August 2015 high) to 195.89 (June 2015 high) area back on the radar, with the next region of interest coming in around 197.42 (September 2008 high).
--- Written by David Song, Strategist at FOREX.com
GBP/JPY Outlook
The opening range for May is in focus for GBP/JPY as it marks the largest two-day decline since December 2022, and failure to hold above the moving average may lead to a test of the April low (190.00) as the Relative Strength Index (RSI) falls to its lowest level since March.
Failure to defend the April low (190.00) may push GBP/JPY towards the former-resistance zone around the November 2015 high (188.81), but the exchange rate may respond to the positive slope in the moving average if it continues to hold above the weekly low (191.80).
Need a close above the 192.40 (50% Fibonacci extension) to 193.50 (38.2% Fibonacci extension) zone to bring the 195.28 (August 2015 high) to 195.89 (June 2015 high) area back on the radar, with the next region of interest coming in around 197.42 (September 2008 high).
--- Written by David Song, Strategist at FOREX.com
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