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Trading news
30 May 2018
GBP/JPY Technical Analysis: Market is most oversold since August 2017
- The GBP/JPY 14-day RSI shows oversold conditions.
- A temporary bounce could be in the offing.
Daily chart
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Spot rate: 143.90
Daily High: 144.29
Daily Low: 143.60
Trend: Bearish, but minor correction could be in the offing.
Resistance
144.29 (resistance on hourly chart)
144.92 (50-hour MA)
145.27 (May 25 low)
Support
143.60 (support on hourly chart)
143.21 (100-week MA)
143.19 (recent low)
Currently, the 14-day RSI stands at 26.17 - the lowest level since August 23, when the RSI stood at 24.89. A reading below 30.00 indicates oversold conditions. So a minor pullback could be on the cards, however, the long-term outlook remains bearish as discussed.