FX:GBPJPY   British Pound/Japanese Yen
Stuck at Trendline (red)

  • Pair's failure to cut through the said trend line resistance if followed by a break below 158.11 (daily 50-SMA) would expose the daily low of 156.93.
  • On the higher side, an hourly closing above 158.65 could yield a rise towards 160.00 levels, especially since daily RSI is moving above 50.00.
  • However, caution is advised since hourly RSI is overbought and thus a correction cannot be ruled out.
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