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The GBP/JPY ended at a fresh six-year high of 184.969 – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole notes that the GBP/JPY pair ended at a fresh six-year high of 184.969, breaching the recent highs of 184.335 and 184.68 on its way up.

Key Quotes

“The pair extended gains today to trade at 185.70 levels with the daily RSI overbought at 73.00 levels. Moreover, the pair risks forming a bearish price-RSI divergence if the daily candle falls into the red today.”

“Meanwhile, the hourly chart shows the pair faced rejection at 186.00 levels twice since the Asian session.”

“Given the overbought nature of the daily as well as the hourly RSI, the pair is more likely to see a correction. However, a bearish move would be confirmed once the pair dips below 184.33 levels. In such a case, the losses could be extended to 183.00 levels. Till then, the upside momentum is likely to persist.”

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