GBPJPY Price Analysis: Rallies more than 200-pips as risk-aversion fades – by christianborjon GBPJPY Crosses Technical Analysis
The divergence between the GBPJPY price action and the RSI could exacerbate a correction before resuming the uptrend.
Near term, if the GBPJPY fails to achieve a daily close above 168.90, it could open the door for further downside.improves during Monday’s Wall Street session. Factors like US midterm elections and also a mixed US jobs report opened the door for gradual tightening by the Federal Reserve, after hiking four times, 75 bps, for a total of 300 bps in the last meetings, in a period of stubbornly high inflation. At the time of writing, the GBPJPY is trading at 169.06.
Hence, the GBPJPY first support would be the R2 daily pivot at 168,15, followed by the confluence of the R1 daily pivot and the 100-hour EMA at 167.44 and 167.56, respectively, followed by the 167.00 figure.
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