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GBP/JPY edging lower towards support at 154.50

FXstreet.com (Barcelona) - The Sterling/Yen closed the session slightly lower, ending the session down 21 pips at 155.10

From a longer term technical perspective, short term moving averages and the RSI (14) both remain in bullish set up on the daily chart which may help keep pullbacks shallow in coming sessions. Furthermore, there is a ‘positive RSI reversal’ which has developed (using data on close from 5/7 and 5/21) and has targets of 158.58 (signal is negated on a close below 153.91). Should the signal be negated, it may be the a sign the current uptrend being due for a decent sized correction.

From a shorter term technical perspective, the FXStreet.com trend index remains in strongly bearish set up on the 1 hour chart, while the ob/os index reads neutral. The RSI (14) remains in neutral on 1 hour chart, consolidating between 40 and 60 level. Initial support sits at 154.53 (previous day low), while first resistance sits at 155.66 (the 9 dma).

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