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GBP/JPY – fresh demand expected near Aug high support

OANDA:GBPJPY   GBP/JPY
The overbought nature of the daily RSI and the loss of the bullish momentum showed by the daily MACD suggests in the short-run a pull back to August high of 138.83 is likely.

Dips below 138.83 could be bought into given the bullish 5-MA and 10-MA crossover on the weekly and the bullish weekly RSI .

On the higher side, a weekly close above the falling trend line would add credence to the view that the pair has bottomed out and would open doors for 151.65 ( Apr             2016 low).
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