Apr 22, 2019
GBP/JPY Technical Analysis: Probing 50-hour MA hurdle after falling channel breakout
- GBP/JPY is currently chipping away the descending 50-hour moving average (HMA) hurdle of 145.51, having witnessed a bearish (falling) channel breakout earlier today.
- The relative strength index (RSI) on the hourly chart has moved to bullish territory above 50.
- The pair, therefore, could rise above the 50-hour MA hurdle, although any gains towards 145.89 (200-hour MA + 38.2% Fib R of 147.00/145.24) could be short-lived as long as the 50-hour MA is trending south.
- The prospects of corrective bounce above the 50-hour MA would weaken if the average reverses bounce from 145.24.
Trend: Bullish above 50-HMA